They don’t want to be regulated but one way or another this financial regulation reform bill must passed for the sake of the millions of Americans who were abused when they lost their 401k, their investments, saving accounts, their homes, their jobs.
As some of these law-abiding Americans suffer and struggle to keep their homes and jobs they know that it was the bankers, Wall Street and the U.S. Congress that failed them big time because the sets of rules and regulations were totally ignored in the last 30 years or so.
In the last 30 years in the CNMI, our local government could have avoided the financial crisis we’re all facing now if the executive branch kept an eye on the House and the House kept an eye on the Senate and the Senate kept an eye on the executive branch.
Each branch of government should have demanded transparency from each other, not only to keep our officials honest but to disclose the identities of those stealing or abusing our public and federal funds.
But that is not the case here. Some of our public officials have their own side pocket agendas as they try to play cat and mouse games with our general public and our federal government.
The only reason our local government officials don’t want to agree with each other is because of the conflicts of interest within themselves so everyone can blame the other while some of them stick their hands into the cookie jar and make excuses about their inability to address ongoing problems.
We all know about all this for years now, but our officials would rather have the status quo so some of them can continue helping themselves to our public and federal funds. But they better be careful now because there is a federal watchdog in place and it will catch lawbreakers in our local government.
JACK O.ROMOLOR
Portland, Oregon
