Friday, June 25, 2010

Protecting Consumers?

With joint committees of the House and the Senate finished with the Financial Regulations bill, Republican congressional candidate, Steve Stivers, a former bank lobbyist, is offering his sympathy to his banking friends.  Stivers and his banking buddies don't like the new finreg bill because it protects consumers, and makes more demands of bankers and banks. You wonder how anyone could be against consumer protection!!!!!! It looks like Stivers is.

Here are a few of the changes that the FinReg bill will bring to Wall Street, from an article by Reuters:

...CONSUMER WATCHDOG: Protection of financial consumers would be enhanced by increased government regulation....

...BANK CUSHIONS: Banks would have to set aside more capital to ride out tough times, but will get several years to comply....

....DEBIT CARDS: Fees charged on debit card transactions would be reduced -- a victory for retailers over the banks.

See the rest of the list at this Reuters link.

>  I bet that former investment banker, John Kasich, doesn't like this new financial regulation bill.  Gosh.  If this law had been in force before Kasich introduced the state pension funds to his pals at Lehmans Brothers, perhaps they wouldn't have lost millions and millions and millions of dollars with Lehman Brothers.

 Has Kasich released any additional tax returns?  Did he get a bonus from Lehman for bringing the state pension plans to them?  I guess we won't know until he shows us his tax returns.

I'd like to thank the good people over at Plunderbund  for reminding me about another famous Kasich goof.  Plunderbund:

...Chairman Kasich went even further than either Angle or Paul has publicly stated.  During his time in Congress, Kasich advocated abolishing the Department of Commerce, the Department of Energy, end funding for legal aid, and end funding for public broadcasting.  That’s right, John Kasich wanted to kill Elmo....

Please visit Plunderbund for more details about Kasich and Rob Portman.