The NYT points out that while financial regulation laws were passed last year, the agencies it established have yet to be staffed. This has the obvious consequence:
Without strong leaders at the top of the nation’s financial regulatory agencies, the Dodd-Frank financial reform doesn’t have a chance. Whether it is protecting consumers against abusive lending, reforming the mortgage market or reining in too-big-to-fail banks, all require tough and experienced regulators.
Too many of these jobs are vacant, or soon will be, or are filled by caretakers. So it was a relief last week when President Obama said he had decided on a well-qualified nominee to be the new chairman for the Federal Deposit Insurance Corporation and would make other nominations soon. The White House needs to move quickly and be prepared to fight.
Much of the blame for the delays lies with Republican lawmakers who have consistently opposed qualified candidates. In the case of the new Consumer Financial Protection Bureau, they have vowed to obstruct any nominee unless Democrats first agree to gut the agency’s powers. Until now, the administration hasn’t pushed back.
This points out a secondary way that legislation can be curtailed. If the opposition lacks the strength to stop a law from being passed, they may be able to use obstruction as a way to ensure that the law is not implemented as originally intended.
