If
@DOGE wants to eliminate waste and fraud/corruption in government simultaneously, kill two birds with one stone & start with the financial regulatory authorities
@FINRA &
@SECGov.
On the surface FINRA’s operating budget looks modest at over $1.3B annually, but considering their failures to even remotely succeed in their mission statement guiding principles of “protecting investors, promoting market integrity, and facilitating vibrant capital markets” - they are a black hole of BILLIONS of dollars in expense & fraud.
FINRA abuses their Self Regulatory Organization authority in rule making, enforcement (or lack thereof), and selective oversight. Even worse, FINRA has been given special status that affords them complete immunity and IT SHOWS in their actions.
“To reduce costs and improve transparency, due process, congressional oversight and responsiveness ... Finra should be abolished, and their regulatory functions should be merged with the SEC. With regulatory authority delegated by the government ... FINRA has proved to be ineffective, costly, opaque, and largely impervious to reform,” stated the Project 2025 Mandate for Change.
fa-mag.com/news/conservative…
@elonmusk @VivekGRamaswamy
I agree with
@Heritage - abolish FINRA, absorb FINRA’s functions within the SEC, and then hold the SEC accountable.
$MMTLP is a perfect example of the failure in the current regulatory structure. Instead of acting in accordance with their mission statement of “protecting investors and market integrity”,
@FINRA broke their own rules (Rule 6490) and ceased trading (U3 halt) for an investment in which hedge funds were egregiously underwater due to naked short selling. The situation is still unresolved after 2 years.
@FINRA &
@SECGov are the definition of captured regulators. Bring accountability back to our markets by minimizing the influence of the largest financial industry players and instead - TRULY protect investors by enforcing rules that already exist and punishing entities/individuals stealing from household investors.