President Obama's rule-makers have amped up major regulators like the
Environmental Protection Agency and now they're turning to more obscure
outposts. Take the Federal Energy Regulatory Commission, or FERC, which
oversees electric transmission and interstate pipelines. Or used to.
Now FERC has deputized itself as a Wall Street regulator. This month the commission squeezed Barclays BARC.LN -5.74% for $435 million for alleged energy-market manipulation, the largest penalty in FERC's history and more than all of its previous fines combined. Another $410 million fine will soon hit J.P. Morgan, according to a Journal scoop.
Yet that will seem minor if the next FERC chairman is Ron Binz—the most important and radical Obama nominee you've never heard of. An electric regulator in Colorado from 2007 to 2011, Mr. Binz is the latest Presidential nominee who doesn't understand the difference between making laws and enforcing them.
http://online.wsj.com/article/SB10001424127887323829104578621993851688734.html?mod=WSJ_Opinion_LEADTop
Now FERC has deputized itself as a Wall Street regulator. This month the commission squeezed Barclays BARC.LN -5.74% for $435 million for alleged energy-market manipulation, the largest penalty in FERC's history and more than all of its previous fines combined. Another $410 million fine will soon hit J.P. Morgan, according to a Journal scoop.
Yet that will seem minor if the next FERC chairman is Ron Binz—the most important and radical Obama nominee you've never heard of. An electric regulator in Colorado from 2007 to 2011, Mr. Binz is the latest Presidential nominee who doesn't understand the difference between making laws and enforcing them.
http://online.wsj.com/article/SB10001424127887323829104578621993851688734.html?mod=WSJ_Opinion_LEADTop
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