Regulatory capture: a term used to refer to situations in which a state regulatory agency created to act in the public interest instead acts in favor of the commercial or special interests that dominate in the industry or sector it is charged with regulating.
See also John C. Dugan, Office of the Comptroller of the Currency. Related subject: Washington/Wall Street revolving door. From today's New York Times:
Here comes the revolving door:
Mr. Dugan's term expires in August. Any guesses where he's headed after that?
See also John C. Dugan, Office of the Comptroller of the Currency. Related subject: Washington/Wall Street revolving door. From today's New York Times:
Houston
"For now at least, the nation's front line for consumer financial protection resides on the 34th floor of a downtown office tower here...The Office of the Comptroller of the Currency operates this service center, fielding thousands of complaints each year about the nation's banks...What many customers may not realize is that the man who oversees the operation used to represent the very banks they are complaining about.
John C. Dugan, a former bank lobbyist, has been comptroller since 2005...and he's responsible for regulating banks with national charters, including giants like Citibank and Chase. Like his recent predecessors, Mr. Dugan often takes positions that align with banks, even as they have come under withering attack for their role in the financial crisis."
Here comes the revolving door:
"A 2005 appointee of President George W. Bush, Mr. Dugan came to the O.C.C. after working for 12 years as a lawyer and lobbyist representing the banking industry. Before that, he worked for the federal government, including stints as counsel for the Senate Banking Committee and as an assistant secretary in the Treasury Department."
Mr. Dugan's term expires in August. Any guesses where he's headed after that?
When Chimpy was first elected (?), Time presented an article which suggested that it was not the President that made the most impact on the common man, but rather the 100 or so Cabinet Secretaries,policy makers, and heads of regulatory bodies appointed by. All of Chimpys' selections were lobbyists, lawyers, or others of the same ilk with RC inclinations. For example, Margaret Cho was previously a pro business lwyer/lobbyinst put in charge of the Dept of Labor. I knew we were in deep doo doo after reading that.
Q didn't spot it until too late, Carguy. It was a good one. And appropriate. How was the car show ?
I apologize. Obviously this "hockey jargon" doesn't fly with you guys. Shame though. That was damn funny.
Assist to #43 Bush.
HAT TRICK!!!!!!
Bush did this often. He appointed lobbyists as head of organizations in charge of regulating their very own industries.
The fox wasn't in the hen house. Bush Jr. handed the fox the keys to the hen house, and then promptly went on vacation.
"Mr. Dugan...Mr. Dugan... You have an appointment in the Lobby"
Probably some sweet tropical island or mountaintop chateau while he serves on a number of boards of the banks he's been in charge of regulating.
A lawyer, a lobbyist and a Bush appointee. That pretty much makes him an asshole.
I had never heard this term, so thanks for some education. But, seriously, does this tidbit about the current comptroller surprise anyone ?