The Money Service Businesses Act of 2008, H.R. 4049, sponsored by Representative Carolyn Maloney, Chairman Barney Frank, Ranking Member Spencer Bachus, and Representative Judy Biggert, was passed in the House of Representatives.
Bachus notes the passage of the Money Service Businesses Act in the House.
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However, my continued concern is that the program threatens to dry up legitimate sources of credit and financing.
The program also can deny legitimate merchants access to financial networks they need to survive.
My Democratic colleagues have said they want to wrap this up. So let me just simply say to you that this is having the effect of shutting down these companies, whether that was intended or not.
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