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.
Frank highlights the bipartisan support for the Money Service Businesses Act in the House.
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I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.
We should have made it much higher, $125 billion or more, and we should have indexed it.
It was a great mistake to push lower income people into housing they couldn't afford and couldn't really handle once they had it.
I think it is clear that Fannie and Freddie are sufficiently secure so they are in no great danger.
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