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View Diary: From West Virginia to Wall Street: Greed shows the need for tough, smart regulation (102 comments)

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  •  Captive regulatory agencies. (1+ / 0-)
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    Ian Reifowitz

    As in the WVa case the state agency is captive to outside influence, usually with administrative collusion.  We see the same in Michigan where the DEQ (department of environmental quality), with administrative blessing, acts merely to justify industry activities, not regulate them.  There is more to the WVa story than absence of regulatory authority and, alas, reporters don't seem to want to get to the bottom of such inaction.

    From Jimmy Carter on, it appears that deregulation, even the abandonment of Glass-Steagall, required action by both the President and Congress.  In some specific cases of deregulation there remains administrative redress still in the Code of Federal Regulations.  It only requires an administration that actually wants to pay attention and use the regulatory tools at its disposal.  And, agencies can, and do, provide guidelines to regulated entities about how they will interpret regulations and act.

    And, just like an administration has the ability to act, it can also act negatively by specifically refusing to regulate.  Case in point were the "passes" handed out by Dan Quayle to allow corporations to bypass regulation.

    Lack of regulation is rarely simple, but it all leads back to administration choices.

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