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U.S. Sen. Schumer Urges U.K.-Like Single Financial Regulator

National News • March 28, 2008
Sen. Charles Schumer, D-N.Y., on Friday called for a rethinking of the U.S. financial regulatory system, perhaps moving toward a single regulator, following the collapse this month of Bear ...

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Subject: RE: Just What We Need

Posted On: March 28, 2008, 2:29 pm CDT
Posted By: It would be great
Comment:
If it actually worked like the U.K., where they are worried about the important stuff like solvency and integrity, it would be a tremendous step forward in the US. In the UK, you don't file insurance rates, rules, or forms, you can charge whatever you want, and change it every week if you see the need to.

They instead try to make sure the companys are reporting accurately and honestly, and are going to remain solvent. You don't have to follow arcane rules on how to report, you just have to report in a way that accurately reflects your financial situation.

Results, not rules.

It would be a godsend for financial institutions in the US. At least the honest ones.

And it would never, ever, ever happen, because the regulatory system here is too much about power and protection special interests, than making sure the free market runs smoothly.
Subject Posted By Posted On
RE: Just What We Need wudchuck
Mar 28, 2008, 4:13 pm
RE: RE: Just What We Need Nobody Important
Mar 28, 2008, 3:29 pm
RE: Just What We Need It would be great
Mar 28, 2008, 2:29 pm
Just What We Need The Almighty
Mar 28, 2008, 1:50 pm
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