Just wonderful - Our Government
Why does this send cold chills up my spine? From
Associated Press:
Consumer bureau to police credit reporting bureaus
The companies that determine Americans' credit scores are about to come under scrutiny by the country's new consumer watchdog.
The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.
This marks the first time that a single government agency will take an active role in policing credit bureaus, according to industry experts. The Fair Credit Reporting Act currently requires them to keep accurate information about consumers.
Richard Cordray, the government agency's director, said in a speech Monday that the CFPB said its oversight may include on-sight examinations, and that it may require credit bureaus to file reports.
And the big howler:
"It's a wonderful thing for the American public," said Pamela Banks, the senior policy counsel for Consumers Union, the policy arm of Consumer Reports. "Now there's somebody on their side."
When Federal Government gets involved in financial affairs, the only result is disaster. The bureaucrats who make the decisions -- the masterminds -- have no stake in the results of their decisions and will have moved on or retired by the time the stupidity of their actions bears fruit.
The
Glass�Steagall Act forced the investment companies and the banks to be two separate entities. The bill was 33 pages long. Clinton repealed it and the financial bubbles of the 2000's started.
There is the
Dodd-Frank bill supposed to restore the separation. It
weighs in at 849 pages and is a convoluted mess of legislation designed to enrich lawyers and to grow the Federal Government even larger and precious little else.
If I were King -- I would hire some people to go through each bit of legislation and if it is beneficial to small businesses and doesn't infringe on the constitutional rights of the citizens, then keep it. Otherwise toss it. Do about 10% of the statutes each year and you will have a wonderful Renaissance in about five years.
Posted by DaveH at July 16, 2012 9:20 PM