Barack Obama Quotes
We've got to change our regulatory system.
Obama, Barack. "Remarks on Wall Street Reform." Obama White House Archives, 2010.
Regulators, like any other group of people, with the exception of an inventor or innovator and his/her team, are ALWAYS way behind the innovators. However, typically the regulators are not even up on innovations after their creation for several years. They generally are not appointed or hired for their technical skills, and Congress rarely provides enough of a budget to hire enough staff to give them the time to keep up with the field. For a professor in a University, this alone requires about half of his time. No agency can allocate that kind of time. Worse, is the ultimate regulators are the legislators—Congress at the Federal level. They often do not invest enough time to read the regulatory legislation upon which they vote, much less keep up with the fields they regulate.
Federal rulemaking is a complicated arcane process as a result of Congress making it harder for Federal agencies to make rules. Although Congress could legislate any rules, many members prefer not to go on ecord as supporting some rules. Others watch what the public reaction is and if good, they support it and take credit and if bad, they complain of the "overreach of unelected bureaucrats". However, they do not want rulemaking to be fast or efficient; they want the time to decide where they stand. IN 2017 The incomming Trump Administration wanted to repeal many of the Federal Rules that had been made in the previous Obama Administration. However Trump and his team was not very experienced politically and ran against the politicians. They were surprised that it was as hard to repeal Federal Rules as it was to make them in the first place as this quotation explained
He was referring to Fannie Mae, the government-created. private mortage guarantee company. It was heavily regulated, and in general it met the regulatory requirements. However, the requirements were insufficient, and in the 2008 Meltdown and the Great Recession that followed, Fannie Mae itself was in such bad financial condition, that the Federal Government had bail them out or have the entire home mortgage industry fall apart.
Barack Hussein Obama II is an American politician and attorney who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the United States. He previously served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004.
