A Quote by Perianne Boring
In the US, banking and finance are regulated on the federal and state level, there are multiple federal bank regulators, and there are separate securities and commodities regulators.
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Under the Clean Water Act, the federal government has jurisdiction over navigable waters - defined as the 'waters of the United States.' Federal regulators and the courts have broadened this definition over time, moving from waters a vessel can navigate to ponds and wetlands as well.
There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much.
Under the constitution, there was never meant to be a federal police force. Even an FBI limited only to investigations was not accepted until this century. Yet today, fueled by the federal government's misdirected war on drugs, radical environmentalism, and the aggressive behavior of the nanny state, we have witnessed the massive buildup of a virtual army of armed regulators prowling the States where they have no legal authority. The sacrifice of individual responsibility and the concept of local government by the majority of American citizens has permitted the army of bureaucrats to thrive.
It is difficult to conduct flood mitigation at the federal level because of the bureaucracy and inconsistent funding. Texans are better able to lead this effort at the state level rather than rely on the federal government.
Regulators around the world have achieved an unprecedented level of collaboration since the financial crisis to create global standards for financial institutions. American regulators have largely viewed these international standards as a floor, and imposed higher standards on U.S. institutions.
It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.
We have 1.8 million Americans behind bars today at Local, State and Federal level. In the federal system, which has doubled in the last ten years, over 110,000 people behind bars in the Federal system, probably two-thirds are there for drug related reason.
If you believe one of the biggest problems confronting the country is overregulation by this administration, the single most effective way to begin to rein in the aggressive regulators, who in my view have done great damage to this economy, is in the bills that fund the regulators.
The financial collapse of 2008 got its start with predatory mortgages, that weren’t sold by community banks and credit unions, they were sold by fly by night mortgage brokers who had almost zero federal oversight and then the big banks looked over, saw the profit potential and they wanted it bad. So they jumped in and sold millions of these terrible mortgages while the bank regulators just looked the other way.
We developed at the local school district level probably the best public school system in the world. Or it was until the Federal government added Federal interference to Federal financial aid and eroded educational quality in the process.
I don't think the federal government should be involved in making life work, right? I mean, the enumerated powers - the state level is fine. The local level's fine. But not - I do not want the federal government trying to make my life work.
Perhaps more to the point for TBTF (Too Big To Fail bank), if a SIFI (Systemically Important Financial Institution) does fail I have little doubt that private investors will in fact bear the losses-even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution
The federal government overrules state laws where state laws permit medicinal marijuana for people dying of cancer. The federal government goes in and arrests these people, put them in prison with mandatory, sometimes life sentences. This war on drugs is totally out of control. If you want to regulate cigarettes and alcohol and drugs, it should be at the state level.
We don't have the necessary laws or powers to deal with failing non-bank institutions. If they're a big bank, the depositor has deposit insurance, and the regulators can wind them down without throwing them into bankruptcy.
Government is taking 40 percent of the GDP. And that's at the state, local and federal level. President Obama has taken government spending at the federal level from 20 percent to 25 percent. Look, at some point, you cease being a free economy, and you become a government economy. And we've got to stop that.
The fact is there are a lot of things happening at the federal level that are absolutely beyond the jurisdiction of the Constitution. This is power that should be shifted back to the states, whether it's the EPA - there is no role at the federal level for the Department of Education.
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