How’d I miss this?
April 10, 2010 | federal legislation, industry | Comments (0)Terrific letter in yesterday’s New York Times from David Hirshmann of the Chamber of Commerce:
The U.S. Chamber of Commerce has long called for modernizing our financial regulatory system to protect consumers, help ensure abundant, affordable access to capital for individuals and businesses, and provide the basis of new economic growth that will help create millions of new jobs.
The U.S. Chamber of Commerce and the hundreds of thousands of small businesses we represent, however, are concerned that the agency would have unprecedented powers over the economy and have authority far beyond banks and other providers of financial products. The language in the current bill is vague and could impose new regulations on any business that permits customers to pay in more than four installments or on a business that applies interest charges for late payments — like your orthodontist.
Small businesses are also concerned that the agency would have unchecked authority to write its own rules without oversight by Congress, the Federal Reserve or even the president.
Comments»
No comments yet.