WASHINGTON–After heaping praise on credit unions for their role in providing start-up capital and supporting “financial freedom” in the U.S., one member of Congress strongly criticized the regulatory burden, but his primary focus wasn’t NCUA, it was the SEC.
“The SEC has gone rogue,” said Rep. Tom Emmert (R-MN). “They have an enforcement division where its head literally sat in front of me in a committee hearing, and I asked him about ‘sweep letters,’ which sound voluntary, but they are using them as a lever to literally shake down people in the market and ask for things they have no right to be asking for. They are literally trying to stop these new opportunities they don’t agree with.
“First, he admitted they were doing the sweep letters. And I asked, ‘Isn’t it true you are doing this outside your jurisdiction?’ He said yes. Think about that for a second. When our government expects the people to serve it, you’ve got a big problem. When nobody in the legislative branch is holding the executive branch accountable for their actions, then they can be as arrogant as they want.”
The Power of the Purse
Emmert continued the theme by noting Sept. 30 is the deadline to pass about a dozen appropriations bills related to funding the federal government. The last time the government met its deadline was 1996.
“The longer we go without exercising oversight of the legislative branch and without holding those purse strings over their head, the more they are doing to continue to run loose in the pasture,” said Emmert, who is chairman of the national Republican Congressional Committee. “With Republicans in charge of House Financial Services Committee, we will have the tools to check down on what I believe are the lawless activities of our regulators.”
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