This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
I received a message from Sen. Orrin Hatch about how outraged he was over President Barack Obama's recess appointment of someone to head the new federal consumer protection agency. Hatch has his priorities all wrong. As our elected senator, sworn to protect the interests of the American people, he should be outraged over the following:
• The lack of federal regulation that failed to regulate the banking industry, resulting in many Americans obtaining mortgages they could not repay and causing the failure of our housing industry and economy;
• The federal government's failure to properly regulate offshore oil drilling, resulting in many Gulf of Mexico fishermen not being able to make a living and many resorts closing; and
• The lack of proper coal mining regulation, causing miners to lose their lives and families to lose husbands and fathers.
One lesson from the federal government's inadequate industry regulation is that we cannot rely upon any industry to regulate itself. As long as profit is the primary motive, industry will always sacrifice the well-being of Americans.
Americans need protection from industry's unbridled quest for profit. That must come from the federal government.
Richard S. Melenson
Salt Lake City