So, in my ongoing review of yesterday's Senate Committee on Banking, Housing, and Urban Development, I have finally read the transcript of the testimony from the Chairman of the CFTC. It bears a full reading, but the really offensive stuff does not start until page 17. Once you get there, though, it's pretty well the whole document, so go read it; I'll wait.
Back? Okay.
So from page 17 - 20, we are told that there shall be no escape. The CFTC asserts authority to regulate foreign entities making foreign trades that "substantially affect" the US. It asserts the authority to regulate foreign arms of domestic entities engaged in same. It declares the collapse of 2008 - largely caused by this very kind of regulation- to be an example of why this kind of regulation is needed.
Pages 21 - 24 (the last page) are more or less political whining for more money and power.
Bear in mind- these are unelected, executive branch officials, who are, in essence, passing legislation (the 'rules' have force of law) without public debate (though they do ask for "comments"), without an on-the-record vote for the public to see, and with little or no accountability. This is how a republic dies.
Our Legislature has taken on so much authority that it does not have that it cannot even take care of the powers it has taken- and so cedes them back to the executive branch. Consider, for a moment, if your city council decided just to take the power to regulate, say, salaries within your municipality, discovered they did not have the resources to do so, and so handed that authority over to the Mayor, or a "council" peopled entirely by people the Mayor's office had hired.
This is unconscionable. This is tyrannical. It must not stand.
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