Regulatory Agencies Quotes
China has many good laws in place, but it is a huge country with relatively few mature institutions, so that law enforcement—police departments, prosecutorial office, courts, regulatory agencies—institutions do not function very well.
He and his brother are the largest political contributors in the United States, so they have enormous influence on Republicans (they only make political contributions to conservative organizations).
The Consumer Finance Protection Bureau was established over much Conservative opposition in the reforms that were established in the wake of the Meltdown of 2008 and the Great Recession. And the Republican Party was critical of everything that it did. The issue of whether or not the Federal government should even have a role in consumer protection was been debated for over a century. This quotation is very ironic in that the first major federal legislation to assist American consumers was pushed though by Republican President Theodore Roosevelt. Over 100 years later, it was the Republican Party that fought to weaken or eliminate Federal efforts. Ryan, the Republican legislative leader, led the effort. Ironically, most businesses agreed with him about the micromanagement as it was they who had to change their modes of operation to comply with CFPB regulation, but the vast majority of consumers did not feel that they were being micromanaged although many agreed that the companies interacting with consumers were certainly being managed much more tightly.
Hollings who was one of the senior experienced senators was offended by the degree to which the George W. Bush Administration and the Republican leadership had turned to lobbyists to draft legislation and amendments to pending legislation. Lobbyists often have specialized information that members of Congress do not have, so there has been in modern times communications between lobbyists and members of Congress and their staffs. However, during the Bush Presidency the practice reached an extreme where lobbyists would even write the legislative language and give it to the members in whom they had invested by giving them large campaign contributions and many perks. K Street is the fanciest street in Washington DC with some of the most expensive office space. A substantial proportion of the lobbyists have K Street offices, hence the metaphor.
