chestnut
Well-Known Member
- Joined
- Oct 21, 2008
- Messages
- 1,222
There's no arguing it. The government will not be happy until we are all just bowing and cheering " OBAMA" "OBAMA". All of our bank records will be at risk. Why does the govt need to have that info.
They are proposing the same kind of crap in HR 3200.
This is another radical govt expansion. Impeding on our rights. Any liberal business owners out there. Would you like all your information handed over to the govt.
Congress is soon expected to consider H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, which would create a new and massive government agency to regulate consumer financial products. Unfortunately, this bill will do far more harm than good.
The bill would replace your personal choice with Federal bureaucrats deciding the types of financial products and services that you can choose to own, buy, or sell. Instead of a common sense approach to improving consumer protection, this proposal will restrict your access to credit and affordable financial products, impose vast new regulations and costs on businesses, and ultimately harm the economy at exactly the time we're starting to see signs of a recovery on the horizon.
Who is impacted? As proposed, virtually every business. If you allow customers to pay with credit, to use a lay-away program, or even to pay in more than one installment, your business would face significant new regulation. Even businesses that are indirectly related to consumer finance, such as sellers of gift cards, advertisers, accountants, homebuilders, utilities and internet providers will be covered by this sweeping new law.
In addition, the bill would give the government authority to request and hold information about your bank accounts from financial institutions, including how much money is in each account. This is a drastic affront on the privacy and security of your financial information.
Efforts to enhance consumer protection should focus on weeding out fraudulent actors and predatory products and ensuring consumers have access to clear and concise information about the terms and conditions of products, and the risks they pose.
However, this bill actually weakens consumer protection by allowing government to dictate the financial products you can choose, adding new layers of government bureaucracy, imposing new costs on taxpayers, consumers and businesses, and threatening the privacy of personal financial information. This would be a recipe for disaster for our economy and consumers.
They are proposing the same kind of crap in HR 3200.
This is another radical govt expansion. Impeding on our rights. Any liberal business owners out there. Would you like all your information handed over to the govt.
Congress is soon expected to consider H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, which would create a new and massive government agency to regulate consumer financial products. Unfortunately, this bill will do far more harm than good.
The bill would replace your personal choice with Federal bureaucrats deciding the types of financial products and services that you can choose to own, buy, or sell. Instead of a common sense approach to improving consumer protection, this proposal will restrict your access to credit and affordable financial products, impose vast new regulations and costs on businesses, and ultimately harm the economy at exactly the time we're starting to see signs of a recovery on the horizon.
Who is impacted? As proposed, virtually every business. If you allow customers to pay with credit, to use a lay-away program, or even to pay in more than one installment, your business would face significant new regulation. Even businesses that are indirectly related to consumer finance, such as sellers of gift cards, advertisers, accountants, homebuilders, utilities and internet providers will be covered by this sweeping new law.
In addition, the bill would give the government authority to request and hold information about your bank accounts from financial institutions, including how much money is in each account. This is a drastic affront on the privacy and security of your financial information.
Efforts to enhance consumer protection should focus on weeding out fraudulent actors and predatory products and ensuring consumers have access to clear and concise information about the terms and conditions of products, and the risks they pose.
However, this bill actually weakens consumer protection by allowing government to dictate the financial products you can choose, adding new layers of government bureaucracy, imposing new costs on taxpayers, consumers and businesses, and threatening the privacy of personal financial information. This would be a recipe for disaster for our economy and consumers.
