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Finding the Silver Lining

I think non-depository financial institutions need tighter regulation. But this Administration’s track record is exactly the opposite: eliminating industry regulation while consolidating power under the Executive.

Taking the States’ power to regulate insurance companies doing business in their state and placing it in the Federal Executive is a particularly galling power-grab. Anyone who claims to support smaller government and states’ rights should have nothing to do with this proposal.

This proposal should have a difficult time getting through Congress. And it is nice to see the media taking a skeptical look at a proposal from this Administration for once. I will be contacting Sen.s Dorgan & Conrad and Rep. Pomeroy to share my concerns and I encourage you to contact your delegation as well

The upside of this proposal is that if the accounting and reporting changes are enacted they should be the source of a windfall to public accounting firms on a scale similar to Sarbanes-Oxley. That’s good for my job security.