Posted on 06/30/2009 6:05:58 PM PDT by GOP_Lady
WASHINGTON -- The Obama administration's proposed consumer-protection agency would have broad oversight for a range of products, beefing up the government's regulation of credit cards, mortgages and gift cards, as well as expanding its authority over financial firms.
Draft legislation unveiled Tuesday by the Treasury Department would for the first time make a single entity, the Consumer Financial Protection Agency, responsible for writing and enforcing rules across a range of financial products used by consumers.
"This agency will have only one mission -- to protect consumers," Treasury Secretary Timothy Geithner said.
(Excerpt) Read more at online.wsj.com ...
And I suppose they will have their very own czar
For me it means that people who are irresponsible will be bailed out of their irresponsible actions from those evil banks ...
GIFT CARDS are mentioned. LOL.
A GIFT CARD Czar. LOL.
Gift cards? The Feds want to regulate gift cards? Insane!
What’s the plan to protect us from Obama’s idiotic policies that will soon be bringing “Stagflation, the Sequel” to a bank account near you.
People, your government-nanny says you have to be protected because you are are too stupid to protect yourselves. Another freedom bites the dust.
>your government-nanny says you have to be protected because you are are too stupid to protect yourselves
Inherently, I believe that that postulate is correct.
and I further believe that many, if not most, people believe that also.
They elected Hussein, didn’t they.
That is truly stupid in action, writ large across the National stage.
Haven't we been given enough protection at the loss of personal freedom already?
How many freedoms do we have left to lose? SHEESH!
Except for how many times you were allowed to breath in a 24 hour period, the communists controlled (control) all other aspects of life on a day-to-day basis. And if you disagreed with them, they even controlled your ability to breath.
Draft legislation unveiled Tuesday by the Treasury Department
Lest there be any question about who writes much legislation. The practice of legislation being written by the executive, and tweaked/passed by the legislature is not well-noticed, but is not unusual now, and has not been unusual for many years.
Many times, the function of Congress is to pass what the executive writes for law.
Shakedown the financial sector...
Consumer Protection Agency = what a cute euphemism for Communism.
Lotta money in unused gift cards. Many states are stealing money from these; now the feds want in on the action.
I, unfortunately, couldn’t agree more.
Say they offer a $100 gift card for the price of $89.50. A promotional discount...always a good way to boost sales.
At the same time, with close precision, they know from previous experience that, on average, only 79%, e.g., of the face value will be redeemed.
So, now, they've cleared another $10.50 from the deal -- which is one of the reasons that gift cards are often offered on promotional pricing.
The government wants to collect that $10.50 "slippage" (as it's called). As it is, it eventually falls into the profit column and marketers pay tax on it. But the government wants it all.
As a result, gift cards will go the way of the dodo bird and those who used gift cards up to the full face value will be the losers.
[How many freedoms do we have left to lose? SHEESH!]
All of them.
“ake a single entity, the Consumer Financial Protection Agency, responsible for writing and enforcing rules across a range of financial products used by consumers.”
Unelected bureaucrats writing law is classical totalitarian fascism. My father should have saved a few bombs that he dropped on Nazi heads. Looks like the Fourth Reich is rising here.
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