Political Quotes

“Madam President, another word about what is said in this letter. They point out the fact that the consumer protection part of the legislation goes far beyond protecting consumers from Wall Street. It essentially goes to anybody who lends money on an installment basis where you have more than four installment payments. Let me quote from the letter. NFIB is concerned about the overly broad reach of the new Consumer Financial Protection Bureau. Providing consumers with clear and accurate financial information is an important goal, but because of the reach of the Bureau's authority many small businesses will find themselves subject to its regulations. In addition to the many new and duplicative regulatory burdens placed on community banks, the Bureau is charged with regulating any retailer or merchant that finances a purchase subject to a financing charge or written payment plan with more than four payments. Many small business retailers and merchants--such as medical professionals, hardware, electronics, and jewelry stores-- struggling through the current economic climate would be subject to these new regulations. These small businesses had nothing to do with the Wall Street meltdown and should not be faced with onerous new and duplicative regulations because of a problem that they did not cause. The first concern I have with this legislation is this overbreadth in the consumer protections. Wall Street can take care of itself.…”