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Old 08-07-2022, 12:49 PM   #142
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Join Date: Aug 2012
Posts: 8,385
Originally Posted by thespaah View Post
Since the first horse was shipped across a state line to compete at a race track, the sport has been considered 'interstate commerce'.
The HISA is the result of two things. One, those who have ownership in the industry( owners, trainers and race track managements) have been less than diligent at policing themselves. And in ANY industry, failure to control your business, invites political, read federal , oversight.
I'll give two recent examples
One, is the trucking industry. For decades, trucking companies and drivers were trusted to monitor hours of service and safety. Over the years, the cheating became rampant. Falsified hours of service logs. Overweight trucks. etc. Fst forward to tody. The US DOT and the other alphabet agencies now require electronic monitoring of hours of service as well as safety monitoring.
Another. Anyone remember the Savings and Loan crisis of the late 80's early 90's? This was caused by lenders who hired their own real estate appraisers to place values on properties. The Appraisers job was to "come up with a number to make the loan work."
No mind was paid to the actual market value of a property. When the real estate market crashed, banks were left with billions of dollars of outstanding loans they made on properties that were no where near the value of the loan.
The federal government stepped in and created USPAP. The Uniform STandards of Professional Appraisal Practice. Simply put, going forward , all appraisals are required by law to be an "arms length transaction"....Yep, the bigger banks lobbied against this scrutiny. But the banks created the environment for 'cheating'
This. If you want self regulation or state regulation you need to do a good job of it. Then the feds don't step in.
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