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Always Political

9 July 2010 No Comment

Interesting note on the soon-to-be law financial regulation that is scheduled to be voted on in the Senate following the return from the current recess… it apparently includes provisions that mandate certain gender and race quotas that must be followed by financial institutions doing business with the government.  Check out the following from an article explaining the bill.

I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new law inserts race and gender quotas into America’s financial industry.

This shouldn’t surprise any of us.  All pieces of legislative are always political.  They are always used to insert various political measures which increase the complexity and length of the bill.  Rather than have concise, simply legislative bills that are easy-to-understand and very specific and targeted in the goals they seek to achieve, the politicians always go for complex, and highly political.  Political points are more important to our leaders than solving problems.

Additionally, you can be sure that this new regulation will do absolutely nothing to prevent the next financial crisis.  Nothing.  As usual, a job not well done.

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