As you know, Congress oversees the bureaucracy. It’s agencies, the unelected bureaucrats that make a lot of the regulations that affect our lives. Colloquially, you might know this as a part of The Deep State. The Senate Banking Committee and the House Financial Services Committee oversee the Securities and Exchange Commission (SEC).
The GameStop saga has laid a lot of things bare. But one thing that needs pointing out is that most of the people on those committees have no clue how the entire financial system as it pertains to exchanges and markets works. I am not impugning the personal characters of the Senators and House members on the committees. In 99.9% of the cases they are decent and intelligent people. What I am saying is most of them have no clue when it comes to understanding the industry they are charged with overseeing. It is rare when you find an elected official that really and truly understands. Not rare like a four leaf clover rare. Rare like seeing a tiger in the wild rare.
I am not talking about trading markets either as plenty of elected congresspeople seem to know how a brokerage account works. I am talking about understanding the mechanics and plumbing, and truly understanding.
Author(s): Jeffrey Carter
Publication Date: 31 January 2021
Publication Site: Points and Figures