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article imageOp-Ed: President Obama pushing legislation too fast

By Michael Bearak     Apr 24, 2010 in Politics
It seems like the current fashion of the White House is to "quickly" get things pushed through. President Obama constantly is pushing for fast tracking every legislation on his agenda.
There is a reoccurring theme coming out of the White House and that is everything must be done "quickly." President Obama has been using the theme of urgency to try and convince Americans that if something isn't done yesterday, tomorrow will fail to exist.
I am not trying to say that the president is wrong with some of the things he wants to see passed, I was and still am a firm believer in bring able to provide affordable heath care for all Americans. I believe the banks should have some regulation. What I am not interested in is the constant driving theme of having to do everything quickly.
It is almost like the president has an, "act first, understand it later." Even Nancy Pelosi was quick to point out that we needed to pass health care reform and then we could see everything in it. Now it is clear we are getting the same rapid treatment regarding finance reform.
What concerns me is that financial institutions that don't need reform are going to find their hands tied by it. I have been approached by two of the financial institutions I do business with on this topic. I had a general conversation with a representative of BB&T who pointed out they never took any TARP money and were one of the first banks to pay the money back. I also received a email from the CEO of USAA (as did probably all USAA members) talking about how the current legislation that the president is pushing would hurt his bank.
In both cases neither bank committed the infractions many other institutions did. I know there are other banks out there that are in the same position as USAA and BB&T. The banks that were greedy need to be punished, I agree. Some degree of control needs to be put into place. Still it does not seem right for a bank like USAA, which gave its members $1.2 billion in the form of dividends, distributions, rebates and rewards, who have an 87 year spotless history to be handicapped by the current legislation. USAA doesn't get involved in political matters, and especially through their members. This is a company that has managed the association's portfolios for 87 years, they have to be doing something right.
Experience is important, track record is important. While the government can't pick-out who to write legislation towards, why would you penalize those who have done nothing wrong? USAA is driving towards a section called the "Volcker Rule."
Again, why rush through getting a legislation passed? USA Today had an article that showed that the banks who received TARP money were making fewer loans, which in part is what the TARP was designed to do. Still banks like BB&T, USAA and others were making far more loans. Do we want legislation that might cripple lending altogether?
I reiterate my original point, much like health care, some level of reform is necessary. What I object to, much like I did with health care, is these things don't need to be rushed. President Obama is going to use the concept once again that he can instill a level of fear over the idea that if we don't rush and do something the entire economy will fail. In the very next sentence he will tell you that this is necessary for the economy to recover, again playing on the public's insecurities. I just want to say one thing about the American economy, the New York Stock Exchange is over 11,000 points, oh and it is continuing to climb.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com
More about President obama, Financial overhaul, Heath care reform, Senate, House representatives
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