Rep. Patrick McHenry opposes Wall Street reform. He exploits his position as chair of a House subcommittee to castigate the Washington financial police charged with enforcing that law for failure to consider the costs and benefits of implementing rules. He’s succeeding.
More than half the rules required from the 2010 Wall Street law remain unwritten, mired in cost-benefit analysis.
This week, he lashed out again at the top cop at the Securities and Exchange Commission, Chair Mary Schapiro. But this time, he complains that Schapiro goes too slow implementing a law he favors. This law allows Wall Street to pitch risky deals to the public.
Fighting Wall Street reform, and abetting looser rules for Wall Street pitchmen helps Wall Street. Rep. McHenry should understand that the 10th Congressional District of North Carolina does not include Wall Street.
— Bartlett Naylor