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Republican Plan To End The Bailout Of Fannie Mae and Freddie Mac View the plan here |
10-21-09, Democrats Vote to Authorize Unelected Bureaucrats to Subjectively Ban Commonly Used Financial Products |
October 21, 2009 WASHINGTON - During consideration of H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency, Democrats on the House Financial Services Committee defeated an amendment offered by Congressman Jeb Hensarling (R-TX) that would have limited the unprecedented discretion of the Director of the new Agency to ban specific financial products and services that consumers depend on to meet their financial needs.
The legislation confers virtually unfettered discretion on the Director of the CFPA to seek out practices that he or she does not approve of, and ban them, under highly subjective standards that have no legally defined content. Under the legislation, the Director may "prescribe regulations and issue orders and guidance as may be necessary or appropriate" to prohibit "unfair, deceptive, or abusive acts or practices." |