The legislative process we have created ourselves has a lot more power over what the majority wants. After reading the article it is clear that this problem cannot be solved by combing SEC and CFTC. Even though this is what needs to happen, and the number of regulators needs to be greatly decreased, neither of these will happen. There are also different regulators, but for the same process. Therefore this allows businesses to play off of all these regulators and get what they want. Obviously this system is in dire need of help, and people want this system to change for the better. But, because of the system we have created for ourselves, the outcome that the majority wants won’t occur. The system has already been attempted for reform previously, and it didn’t go through.
In the 1970’s the SEC was part of the Agriculture Department which people viewed as an easy way to deal with things. Then, Congress started the CFTC but made it an independent agency which the agricultural committees from the Senate and House would control. From this point on, the Agriculture Committee had a lot of power which lead to them making their own plans that veered far away from the main focus: food and physical goods. To merge these two groups would mean these chairmen of the Agriculture committees would have to give up some of their power and say so. This is something that will never ever happen, and we have obviously created it for ourselves. We gave power to those who have control over the legislative process, leaving a fewer number of people have more say so than the majority. Therefore I do believe that the legislative process we have created is held responsible for the outcome of a situation.
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Wow, a perceptive response to the NPR report, Mattie. I agree with you that's its frustrating that this is the way we've ended up decising things. Those committees wield a lot more power than is apparent to most Americans and most of that power is wielded behind the scenes. Makes me wonder about some ways to reform the process if we wanted to. One hallmark of a democracy like ours is the protection of minority rights so that we don't get the tyranny of the majority but it can obviously go too far as well. Hope you'll pay attention to stories such as these as they come up as you have a sophistiated understanding of what they mean and why they are important. Nice work.
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