August 24, 2010
The idea of more onerous bureaucratic paperwork is not in the best interest of the public, because the standards we currently have and have had in place protected the investing public as well as any regulations on the books.
Regulations like these have been put into action in Western Europe and Australia for example and have caused a decimation of the financial professional population by more than 80% of representatives. This reduction is due to the requirements being made by government agencies and having so burdened the marketplace that there are not enough representatives to service the public. Now more than ever we need sufficiently trained professionals in sufficient numbers to do the work, or we are going to make the public pay ever rising fees for work as the demand becomes too much for the remaining individuals to service properly and effectively.
Bottom line - there will be fewer people doing the job and not being able to handle the demand to do a credible job for the American public.