78-05-B5

- Main Page \ Reagan Radio Commentaries \ 1978

<< Previous Broadcast

Next Broadcast >>

Regulators

Transcript Almost a year ago the Wall Street Journal called attention to a fixation of many who man the federal regulatory agencies. Encouraged by activist, special interest lobbies, the regulators apparently are incapable of trusting the American people to do the right thing. The Journal gave some examples of this ingrained mistrust. The administrator of the program set up to monitor and regulate pension funds who worried because his investigators couldn't find more evidence of wrong doing was typical. This is the program called "ERISA". Since its passage, thousands of smaller business pension funds have closed down because of the costly administrative overhead required by the act. But that isn't the point of this commentary. The Director of "ERISA" complains that his investigators are not turning up enough cases of wrong doing by pension plan administrators. Some of us would be encouraged by that and conclude there was more honesty and less cheating than we had anticipated. That however is not bureaucracy's reaction. The director wants more investigators and greater use of computers. The Comptroller of the Currency provided another example for the Journal. His office wasn't getting enough complaints from consumers about the failure of banks to comply with federal rules regarding disclosure and anti-discrimination. Naturally there can be no doubt the banks are not complying and the customers don't know how to make a proper complaint so the solution is, banks must give their customers brochures explaining to them what to complain about and how to do it, The banks will provide forms for their complaints addressed to the Comptroller. Mrs. Eleanor Holmes Norton, who heads the Equal Employment Opportunity commission, has a different problem. She gets plenty of complaints from citizens who think they are being mistreated by the boss but when the investigators look into these complaints they find many don't have a case. That does not give Mrs. Norton joy, The commission now will be more systematic in digging up its own cases. Agents will be better trained in how to make a complaint into a court case. She is sure there will be an increase in class action suits as soon as this can be done. There is danger in all of this bureaucratic witch hunting. When government loses respect for the people, the people lose respect for government. It has been said that each form of government has a particular characteristic. When that characteristic is lost the government falls. A dictatorship exists because of fear. Let the people lose their fear and the dictator is ousted. A kingdom can only last so long as the people have affection for the royal family, A constitutional republic can only last as long as the people have virtue. Americans do have virtue. Will we continue to have it if government treats us like criminals? This is Ronald Reagan. Thanks for listening.		Details Batch Number 78-05-B5 Production Date 04/03/1978 Book/Page RPtV-285 Audio Youtube? No
		Added Notes