What is amazing with all these bills, (Patriot Act, Health Care, and Financial Regulation Bill) being as enormous as they are, not one of our Congressman ever knows what is in the bill. If all they are doing is sponsoring a bill, then the obvious question should be to you, Who is writing these bills? Found a cliff notes version of a fellow patriot that actually took the time, and here are some highlights from what she read.
July 15, 2010, Washington, D.C.- As with all things from Washington nothing about this bill is simple… or for that matter makes much sense! Take the name of this 2,319 page bill for instance: The Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010.
However, whether we like it or not this 2,319 page bill will soon be signed into law by the President and will begin to have immediate affects upon the live of the citizenry of the United States of America. Just how will this bill affect you and your family? Well to be quite honest with you, I’m not exactly sure, but here is just a brief outline of the bill’s main highlights:
FDIC & Your Bank
The new bill will authorize the FDIC to borrow money from the Treasury in the event of a failing bank to bank pay for the cost of liquidation. After liquidation is completed the FDIC will then sell the bank’s assets in an attempt to repay the Treasury Department. If the assets aren’t enough to repay the Treasury (Which they most likely will not be) then the FDIC is authorized to charge other banks a fee in order to repay the government.
BOTTOM LINE- Under no circumstance will the government ever lose money- If bad comes to worse; the FDIC will simply charge the more successful banks (ie. the smarter banks… [goodbye capitalism!]) a higer fee. Those banks will then in turn pass those higher fees onto you the consumer, via lower interest rates on your savings accounts and higher fees on your checking account.
Debit Cards
Ever noticed that when your bankcard in stores it automatically prompts you to enter your pin number and if you want to use it as a “credit card” you practically have to jump through hoops a lot of times in order to get the machine to cooperate? Wanna know why?
Right! You guessed it- Money!
Whenever you use your bank card in stores the store is charged a transaction fee. When you use it as a “credit card” Visa / MasterCard charge on average +2% of the entire transaction. Your bank on the other hand charges the store roughly 1.6% on average.
Banks then make up their money by often charging fees to their customers for using the debit card, which can range from anywhere to a few pennies to dollars per transaction- that’s why we strongly recommend always selecting the “Credit” method of payment.
Under the new bill, “the Federal Reserve can cap the fees on debit cards (but not credit cards) to what is ‘reasonable and proportional to the actual cost incurred.’”
BOTTOM LINE- The banks will again be placed on an even shorter leash as to what percentage they will be authorized to charge the individual stores for you swiping your debit card and entering your pin number. Presumably, this will result in even greater use of debit card fees for you as a customer- especially the next time you take your BB&T card to the Bank of America ATM… Or any other ATM machine for that matter.
…Did we mention that the credit card companies aren’t going to be capped on the amount they charge stores? Or did we mention that the majority of credit card companies are stationed in Wilmington, Delaware? And just for the record what state was our Vice President the Senator from for over thirty-six years?
Oh yeah… One more thing! Merchants will now be authorized to set both minimum and maximum amounts in which they will authorize payment by cards. Although my libertarian side is saying “Great, we need more authority of our own lives” by sensible side is saying watch out the next time you pump gas with that First Bank of Charleston Card… You just might be paying ten cents more on the gallon than the elderly couple on the other side of the pump that are paying with their Bank of America card.
Sounds conspiratorial, yes! But could this be an attempt to kill the banks that are “too small to save?”
Home Loans
The new bill now greatly restricts lenders from giving a loan to just anybody, which is in many ways a very good thing.
Unfortunately, an interesting phenomenon we refer to as the ‘pendulum effect’ has now occurred. The days of getting a quick home loan are over- banks will now be required to do extensive financial background checks before they even begin to consider giving you a home loan. And although no one wants to see Fred getting a home loan for over $200,000 on a $20,000 annual salary, shouldn’t the bank’s have the right to give their money to whomever they so choose?
Could someone please tell me why the real estate market is in a full-fledged depression? Oh yeah, that’s right, because folks can’t get home loans!
Seeing Your Credit Score
Unlike earlier promised, the bill in no way authorizes regular everyday people to see their credit reports whenever they so choose. Nope! If you want to see your credit score, you’re going to have to suffer from an “adverse action” such as increased cost of insurance or being denied a loan.
Could someone please tell me why I can’t see MY credit score?
BIGGER GOVERNMENT, BIGGER GOVERNMENT, BIGGER GOVERNMENT!
Did we mention that this new law will bring bigger government? I know that’s a surprise coming from this administration, but we’re not kidding!
The new law will establish the “Consumer Financial Protection Bureau” within the Federal Reserve.
To quote the sometimes liberally biased MSN, “This new agency will have sweeping powers to regulate virtually every kind of lending activity and lender, from the largest banks to the smallest pawn shops.”
The bill will also create the Office of Financial Literacy which will be responsible for developing programs educating Americans about savings, spending and how money works.
Just what I wanted to hear- the same people who spent $3.5 trillion of the $2.1 trillion they brought in last year want to require my wife and I to take one of their money management classes before we can apply for a loan!
The bill will also create an “Investor Advocate” within the SEC… Whatever in the world that means!
To View The Actual Bill Visit:
http://docs.house.gov/rules/finserv/111_hr4173_finsrvcr.pdf
And now you have it… Why The Financial Regulatory Bill Is Bad For Your Family!
…
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