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by logicalmind 14 days ago
I also work in finance and my recent experience with regulators is really discouraging. DOGE wiped out a large amount of the regulators in government. It seems like most of the regulators remaining are the inexperienced and low tenure. Within the past few months we've attempted to roll out new financial products. When we attempt to send our proposal to them, they can't even tell us who we're supposed to send it to.

It doesn't feel like we're living in the same world of regulation that existed prior to DOGE.
2 comments
jimbokun 13 days ago
So the DOGE geniuses failed to remove the regulations they allegedly thought were hampering legitimate businesses, while removing the people capable of verifying whether or not your business is in compliance.

What a win!

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jrflowers 13 days ago
They wiped out anybody that was hampering their businesses. Leaving the rest as an impossible barrier to entry for everybody else is a feature, not a bug.
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throwaway2037 13 days ago 

    > I also work in finance... DOGE wiped out a large amount of the regulators in government.
I found an insanely detailed Wiki page about all of the gov't divisions affected by DOGE: https://en.wikipedia.org/wiki/US_federal_agencies_targeted_b...

However, I don't see anything about finance there. I'm confused by your comment. Can you provide more specifics?

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logicalmind 11 days ago
Not sure why it's not covered in that wiki article, but I'm specifically referencing the FDIC and related agencies. They have been so decimated by DOGE that it is possible that multiple of those related agencies will be consolidated into one (FDIC, NCUA, OCC, etc.).

I can't go into too much detail, but for a financial institution to offer certain financial products, you have to submit a proposal to one of the above regulatory bodies to get their approval. We were attempting to do just that and we couldn't even find the proper person at the given agency who should be receiving said proposal. It was even rumored that regulatory agency who would normally review such proposals didn't have the staff to review them. And the review would be done by an entirely different group of regulators who have not done such things historically.

Additionally, these agencies do regular exams of financial institutions to ensure they are complying with regulations and handling fraud properly. These cuts have led to those exams either not happening, or happening at a fraction of the depth they had been previously.

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