GOP Rep. Garrett: Quit Rewarding Incompetent Agencies With More Money

Wednesday, 26 Jan 2011 04:41 PM

By Dan Weil

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New Jersey Republican Rep. Scott Garrett is upset that financial regulatory agencies want to receive more funds and staff after failing to prevent the worst financial crisis since the Great Depression. Such requests are a D.C. phenomenon, says Garrett, chairman of the House Financial Services subcommittee on Capital Markets and Government Sponsored Enterprises.

Garrett, New Jersey, Republican, agencies
Rep. Scott Garrett, R-N.J.
“It’s only in government, especially in Washington, where you have agencies that failed in their core assignments in the past, and yet they are rewarded with more authority and bigger budgets,” Garrett tells The Hill.

“In the private sector, if you had a unit of a company that failed, normally what happens is that unit . . . doesn’t exist anymore and you make changes,” Garrett says. “It seems to be the practice of government that there seems to be some sort of reward.”

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