Bureaucratic overreach
Cry Wolf Quotes
…the Secretary of Labor becomes prosecutor, judge, and legislator. He is given extensive authority to intervene and interfere in employer-employee relations. He must build a considerable Federal division of his Department to accomplish this purpose at increased cost to the taxpayers….Further, the Secretary is not required to await the complaint of an aggrieved employee. He is empowered to prevent any person from engaging in the prohibited wage discrimination. He may proceed on his own motion. There is not limit to the interference with efficient operations or the amount of snooping which may result in an effort to uncover evidence concerning existing or possible future wage discrimination.
The CRA, by encouraging loosening underwriting standards, may have contributed to the massive increase in foreclosure rates.
The problem with the Community Reinvestment Act is not its goals but its vagueness and ambiguity that have led to a nightmare of documentation, paperwork and formalized process that diverts bankers' time and bank resources from being utilized to serve our communities… we need to build a system of supervision and enforcement that encourages creativity and substance in community reinvestment lending.
The additional costs required to administer equal pay legislation cannot equal the benefits proposed. Legislation such as this is destined to increase the size of our bureaucracy at a time when every effort should be made for stabilizing our economy.
