Only time will tell just how effective these new rules and regulations being devised will protect our economy from disaster in the future but to many on Wall Street, it will be a welcomed change. There are those who are good people and have wanted for quite some time to finally know the rules of the road. Most think of Wall Street as a bunch of greedy people who will do anything for the love of money but to the surprise of most, Wall Street has people who only care about doing the right thing while making a decent living and providing for their families as many on Main Street. I, myself, have been critical of Wall Street until I began to learn more about the majority of those who work there. With these new rules and regulations, many will finally be able to sleep soundly at night because they will not be harming their fellow citizens, they will be helping them.
“The Federal Reserve has 50 new rules to write, the Federal Deposit Insurance Corp. has 44 new rules to write.” “The Securities and Exchange Commission has 100 rules and 20 studies on its plate.” “And Treasury has two new agencies and an oversight council to set up.” “Lawmakers focused on several questions about the new Financial Stability Oversight Council, which is scheduled to convene for the first time at the Treasury Department on Friday.” “That panel is tasked with setting up some key pieces of financial reform, like identifying financial firms that could threaten the financial system as well as setting up new curbs for banks’ trading on their own accounts.” “While the various old and new regulatory agencies are independent and have their own sets of powers, they must work together to implement many of the new reforms.” “Commodities and Future Trading Commission Chair Gary Gensler said that he expects some healthy debate with the Securities and Exchange Commission on some of the tougher new rules on futures and securities regulation.” (Liberto, Jennifer, 9/30/2010, CNN Money, Regulators say they’ve gotten started on Wall Street reforms, Retrieved from www.finance.yahoo.com).
The real trick will be to see just how well each of these independent agencies wok together. You can be sure that there will be some stops and starts as they collaborate to ensure that this economy is safe and secure but as long as we continue to monitor them and make sure that all are doing their jobs, it should be fine. As a business owner, I look forward to finding out what these new rules and regulations will be in order that I may be able to know exactly what to expect from Wall Street. It will be much easier now to discover what is actually happening instead of having to rely on the word of experts who sometimes may not have my best interest at heart. I believe that we should all have a good feeling about these new rules that are about to be implemented. I can remember the feeling of “no fear” before because it was complicated and I really didn’t know what was happening until it was too late but now my “no fear” feeling will be based on knowing. I am sure that there may be some gambling still taking place on Wall Street from time to time but at least with the new rules and regulations it will not turn into a “free-for-all”.