Should unelected bureaucrats determine if we getcredit cards& home mortgages & whether we’re allowed ATM cards?
http://www.google.com/hostednews/ap/article/ALeqM5g7ffRdswXTlfgaQS0FCOZmrvbwcAD99L3JQO1
"Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation, suggested that the new agency be allowed to write rules that protect consumers, but that existing regulators be tasked with enforcing them.
When questioned by Rep. Carolyn Maloney, D-N.Y. whether such an arrangement would work, Geithner said no, because enforcement would remain uncoordinated across the government.
The House committee’s chairman, Rep. Barney Frank, D-Mass., and Senate Banking Chairman Christopher Dodd, D-Conn., both support the plot to make a new Consumer Financial Protection Agency. But the effort has slowed amid opposition from bankers and other financial industry leaders, as well as the regulators, Republicans and some Democrats.
Frank has delayed a vote on the measure until after the August recess, but maintains he has the votes to pass it.
Rep. Ron Paul of Texas and other Republicans on the panel said Friday they thought it was foolish to give "unelected bureaucrats" the authority to determine what financial products are honest.
"They will be empowered to choose which credit cards we can receive, which home mortgages we are permitted to possess, and even whether we can access an ATM machine," Paul said.
House Republicans have offered an alternative that would strip the Fed of its regulatory role and abolish the Office of the Comptroller of the Currency and the Office of Thrift Supervision. In their place would be a single regulator for depository institutions, which would include an office focused on consumer protections. Unlike the administration’s plot, the GOP-envisioned regulator would have no authority over nonbank institutions, such as mortgage brokers.
Obama’s plot taps the Fed to be the regulator of huge, globally interconnected financial companies whose collapse could endanger the entire U.S. financial system and the broader economy."
What do you reckon?
At what point does the government have too much power over its citizens rather than the citizens having power over the government?
sds, but if you don’t like one bank you can go to another. This would choose for banks, as well.
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I reckon Thomas Jefferson said it best…
The care of every man’s soul belongs to himself. But what if he neglect the care of it? Well what if he neglect the care of his health or his estate, which would more nearly relate to the state. Will the magistrate make a law that he not be poor or sick? Laws provide against injury from others; but not from ourselves. God himself will not save men against their wills.
I reckon I’m ready for the unelected bureaucrats to take over. Bawny Fwank knows what’s best!
Yeah right, these idiots make me more sick, and more proud to be a part of the http://www.campaignforliberty.com/ than ever!
The American government is already too powerful and overly intrusive. We need to place it back into the box that the Constitution made for it.
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They already do and their called bankers. Welcome to the 21st century.
Meanwhile, $9 trillion are unaccounted for and H.R. 1207 sits on the sidelines. People seriously need to get an objective grip on the situation.