Thoughts About Regulation

Believe it or not, regulation is here to stay. The question is, what is your industry going to do when regulation issues arise? And, will it mean less profit to the industry?

businesses have to look around them and see what has happened to other industries that have been targeted for regulation changes because some of their industry participants did not act ethically with customers.

What is regulation is all about? It’s about an even playing field for industry businesses AND THE CONSUMER. Yes, even the consumer has a lot riding on how regulations are enforced and written. Sometimes the regulations cost the consumers more than they are worth to have on the books.

The ethical businessman has a lot riding on how ALL the businesses are playing the game. A few businesses can take the rest of the industry down with them. The insurance brokering industry recently felt heat because of how insurance was being sold. Stock brokerage firms are seeing huge fines and losses of their clients because of unfair activities by brokers who were supposed to have their clients on their minds when they traded stock on their behalf.

Who is next? In Oregon, it was the broker who wa a broker one minute and a car dealer the next, depending only on when they can make the most money. Unfortunately, for them, there is a line somewhere, where a businessperson who says they are a broker for a customer can only be their agent. Is it unethical for a dealer to not tell a customer when he is their agent and when he is the agent of another dealer if he is switching back and forth?

Now, about the money. If this situation isn’t fixed, businesses are going to take a big hit if the consumers start believing they cannot get a fair deal because they are not trustworthy. The businesses and the industries become scuzzbags. Disreputable businesses want that to happen? No, not a chance.

So how about getting involved with your industry association and have real input?

About Monty King
Monty King has worked at the Oregon Legislature and ran political campaigns, graduating from the University of Oregon with a degree in Public Affairs in 1978 (while working at the Oregon Legislature) He is a 3 time Viet Nam Veteran.

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