Johnson Focuses on Past

With his new position as chairman of the Banking, Housing and Urban Affairs committee, Senator Johnson has the opportunity to improve matters. Well, let’s say he had that opportunity, he’s already heading in the other direction:

Johnson (left) said in a statement after he was named that as the nation continues to come out of the worst recession since the Great Depression, that he’s “committed to an agenda to restore our economy, make our financial regulations world class, and ensure that consumers and investors are meaningfully protected.” From the perspective of the Banking Committee, he continued, “this will include overseeing the implementation of the Dodd-Frank Wall Street Reform and beginning housing finance reform.”

Nothing like pushing ahead with something which was described as follows:

Dodd-Frank is extraordinarily complex, appearing
to require almost a dozen different federal agencies to
complete anywhere between 240 to 540 new sets of rules,
along with approximately 145 studies that will very likely
affect rulemaking. This count does not include situations
where different agencies create different rules that govern
the same activity.  This new, expansive regulatory regime
prompted former Fed Chairman Alan Greenspan to argue
that Dodd-Frank’s “unprecedented complexity” and its
“inevitable uncertainty” will negatively impact economic
growth, inhibit financial innovation, and “render the rules
that will govern a future financial marketplace disturbingly
conjectural.”

Let’s all hear it for rendering rules conjectural, shall we?

Johnson, however, is not going to leave off after implementing the massive mess that is Dodd-Frank. No, that would be stopping short of doing the right thing:

He noted that the Administration’s recommendations on housing finance reform are expected to be released in the near future and “that will generate discussion and help move the debate along.” Johnson said he looks “forward to an open dialogue to build consensus around a viable path forward. I do not want to further destabilize housing markets or make homeownership unaffordable for the majority of Americans.”

Senator Johnson apparently believes that he has the power to make home ownership unaffordable for the majority of Americans. But he won’t stoop to that. No, he will make the market behave and ensure that there is a home in every pot, or a pot in every home, as the case may be.