“Runaway legislation”
April 1, 2010 | federal legislation, industry | Comments (0)An op-ed in Politico today by South Carolina Senator Jim DeMint:
The Dodd bill also expands the Fed’s reach by creating a consumer protection bureau inside it. Though it should be called the “Anti-Consumer Bureau.”
This office will have sweeping authority to regulate most anything considered to be financial activity — including car dealerships that offer financing; retailers that offer credit cards, like Old Navy and Sears, and software companies that sell programs to help people manage money.
This is likely to raise costs and limit choices in products available for consumers. It means people who had nothing to do with the crisis will face new federal laws on top of existing regulations. Unleashing a new army of federal regulators to further complicate the lives of small businesses owners can only hurt consumers, kill jobs and discourage investment.
That’s telling it like it is.
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