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September 1, 2009
New finance regulatory body will have sweeping powers
Mike Allen of Politico reports:
** The proposed Consumer Financial Protection Agency Act would create a new government bureaucracy with sweeping authority going far beyond financial services regulation. Virtually every business that extends credit to American consumers would be affected, including neighborhood groceries and even funeral homes. CFPA would threaten the privacy of consumer financial information and take away consumers choices. This is not consumer protection, it's more big government. Learn more at www.StoptheCFPA.com **
The choking grip of power is about to grasp the necks of small businessmen. This Act may seem beneficial (the innocuous title no doubt was fashioned to make it seem so). In reality, it is a way to hammer business, both large and small. This type of catch-all Act will extend the sweeping powers of government throughout America. Every time a business, including a small business, extends credit to anyone Big Brother - nettlesome and dictatorial as ever, inefficient, incompetent, and unfair as ever - will be watching. This type of act is an open-ended assault on free enterprise.
Furthermore, its mere existence can be used as leverage against businessmen to compel them to change their operations to suit the whims of politicians in Washington. Is this also one more way that Democrats in power can extort campaign contributions from businessmen, fearful of not obeying the requests of those who can use this act to pressure them and damage their livelihoods?
After all, Obama and company are masters of pay-to-play politics. We are seeing the mores of the corrupt Cook County machine work their way across the breadth of America.