Why We Regulate - and Why John Walsh Must Resign

By Richard (RJ) Eskow
April 27, 2011 - 1:01am ET

Regulatory agencies exist to protect the public, not the corporations they regulate. The head of the Office of Comptroller of the Currency doesn't seem to understand that. But that's not why John Walsh needs to resign.

The OCC was created to stabilize the economy, make it easier to conduct trade, and protect people's savings. It didn't do that. In fact, it ignored the warnings raised by others. But that's not why John Walsh needs to resign.

His agency failed to anticipate the foreclosure crisis, and it overlooked bank criminality. Later John Walsh misled a Senate panel - and the general public - about the size of the problem. And even after being forced to clarify those misleading statements, Mr. Walsh keeps on repeating them. Whether by intent or ineptitude, he continues to misinform the public.

And that's why John Walsh needs to resign.