I’m pretty sure that the only real talent regulators have is to obfuscate their own work so much that no one else has any chance of figuring out if the regulators are ever actually doing their job.
Yesterday I listened to a proposal for a new rule that is supposed to reduce risk for people in the market. The intention is great. But when I asked for clarification on their broad wording I got a typical non-answer that I would I will paraphrase here:
We’re creating a new rule that you can use to manage risk. However, we can’t tell you exactly what it means. But we guarantee that we will catch anybody who incorrectly interprets the rule for which we provided no interpretation.
Translation:
We’re helping you reduce risk by giving you more.
