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Massachusetts Secretary of State Facing Scrutiny Over Massive Regulations

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An anti-capitalist Secretary of State is facing serious scrutiny due to his overregulation of small businesses which has hurt the financial services industry in Massachusetts.

“After nearly a quarter-century as the state’s top elections official, Secretary of State William Galvin is facing his toughest re-election campaign in decades as he tries to fend off fellow Democrat and Boston City Councilor Josh Zakim in the Sept. 4 primary,” said Boston.com. 

Though Galvin eventually won his primary, he is not out of the woods in a state that, despite voting overwhelmingly for Democrats in presidential elections, has a Republican governor with a high approval rating.

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Small business owners in the state – particularly in the financial services industry – have been dismayed by Galvin’s vindictive attitude towards capitalists, whom he has crushed with fines and regulations under the guise of “fighting for the little guy,” which is socialist code for redistributing wealth from the private to the public sector.

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According to an InvestmentNews report Galvin ordered $56 million worth of fines against broker-dealers between 2012 and 2013, which is nearly as much as his federal counterparts, Financial Industry Regulatory Authority (FINRA) imposed nationwide over the same time period.

“Bill Galvin has been a highly aggressive securities regulator for years,” said Denise Crawford, former securities commissioner of Texas. “The only reason the world doesn’t know his name is because he’s not in New York. If he were in New York, he’d be a household name nationally.”

Galvin has targeted small investment firms like SII Investments Inc. with massive punishments for inconsequential rule breakages.

“Massachusetts Secretary of the Commonwealth William Galvin banged away Friday on another independent broker-dealer for sales of nontraded real estate investment trusts (REITS), this time ordering SII Investments Inc. to pay money back to clients who bought the REITs,” said another InvestmentWatch report. “SII failed to supervise the sale of the nontraded REITs, according to a statement from Mr. Galvin’s office. As a result of the settlement, any Massachusetts investor who was identified by Mr. Galvin’s office as having been improperly sold the REITs by SII will be offered their money back.”

A year prior, Galvin charged the same company with “dishonest or unethical conduct and failure to supervise” in another overbearing attempt to quash private industry.

Galvin has also gone after companies like GPB Capital, targeting 63 broker dealers who sell GPB’s private placements.

Massachusetts voters have an opportunity on Nov. 6 to make a statement: that quashing private industry with burdensome regulations and red tape will no longer be tolerated.

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The Swamp

President Trump Calls for “New Mueller Report, Democrat Edition” After Sanders Nevada Win

Don’t worry, liberals- he’s just having a little fun.

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President Donald Trump suggested that former Department of Justice Special Counsel Robert Mueller be tasked with leading another probe into supposed Russian interference in American politics following Bernie Sanders’ resounding victory in Saturday’s Nevada caucus.

The President was clearly being coy in the Sunday tweet at Sanders’ expense.

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Sanders has been accused of being the beneficiary of Russian interference conspiracy plots in recent days, with anonymous U.S. intelligence community operatives planting a claim in the Washington Post that Putin bots are seeking to boost his campaign.

Leading Democratic operatives such as James Carville have been increasingly prone to leveling Russia conspiracy accusations against Sanders, unable to cope with his strong grip over the Democratic Party’s primary electorate.

The President did congratulate Sanders on his victory in the caucuses, a dominant win that appears to set the Vermont Democratic Socialist on a clear path to the Democratic nomination. Trump confirmed to press when boarding a Presidential helicopter Sunday that he expects Sanders to be the Democratic nominee, while holding out the possibility that the party establishment could find a way to cheat the socialist Senator out of the nomination.

If anything, Trump’s tongue-in-cheek suggestion of a second Mueller probe into Sanders shows he’s aware just how ridiculous the broader Russian interference conspiracy really is, whether it’s leveled against him or other populist political candidates such as Sanders.

This means the President could be gearing up to face Sanders in a presidential campaign that’s centered around actual issues that affect the lives of American voters, such as the economy, healthcare, immigration, and national security.

 

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