Gov. Mike Huckabee recently reported: the Wall Street Journal reported that the average banker’s salary is $49,450. But the average salary of the federal regulators at the FDIC Consumer Protection Finance Board or the Office of the Comptroller was $190,000. “So the people who regulate the game get paid four times more than the people who play the game.”
Huckabee says newly imposed government banking regulations, subsequent to the financial crisis, have adversely effected small regional banks, while having minimal adverse effect on big banks. The new regulations have deteriorated the knowledgeable relationship that historically existed between local banks and their local clients. Government bureaucrats, who know little or nothing about local markets and customer needs, wants and expectations, now impose their will on community bankers and their clients. This has reduced the availability of loans to small, local businesses and inhibited their growth, job creation, and prosperity.
While the Federal Reserve has been printing money at an unprecedented rate – much of it ends up in bank treasuries rather than in the real economy, where it can create jobs and increase the well-being of our citizens. This is a direct result of excessive government regulation, according to Gov. Huckabee.
Once again we see the adverse effects of big, centralized government thinking. Over-regulation is one of the primary job inhibitors – and prosperity inhibitors – in our nation.
Government bureaucrats feel compelled to justify their existence, high salaries and superior lifestyles by continuously finding causes they can regulate. Frankly, self-serving government bureaucrats and complacent job-fillers can’t possibly provide the collective wisdom, experience and motivation of liberated businesspersons, entrepreneurs, innovators and workers ― operating in a competitive, free-enterprise, entrepreneurial, profit/surplus-motivated, deregulated, sky’s-the-limit, economy.
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