Posted by Randy | September 30, 2011
On Saturday, a new bank regulation known as the Durbin Amendment takes effect across the country. The regulation caps the fees that banks can collect from merchants when customers use their debit cards. However, because of this cap in fees, banks are making up the money they are losing by increasing costs somewhere else. Many are doing so in the form of fees for customers when they use their debit cards. For example, some bank customers will be charged $3, $4, or $5 a month to use their debit cards.
The Durbin Amendment was passed as a part of the Dodd-Frank Financial and Consumer Protection Act that was signed into law in 2010, which I voted against. One of my concerns with this bill, along with other burdensome federal regulations coming out of Washington, is the increased costs it would create for individual citizens and businesses. Excessive regulations directly affect pocketbooks, jobs, and business growth.
This is why I have made it a priority to reverse the regulatory trend in Washington. You can read about that work here, including the Regulations from the Executive in Need of Scrutiny (REINS) Act, which I have cosponsored, that would restore a system of checks and balances to federal regulations.
Weigh in: will the new regulations brought on by the Durbin Amendment affect your family? How are other federal regulations affecting you?
Posted by Randy | April 19, 2011
Continuing the discussion on the potential impacts of the rising federal debt on the U.S. credit rating: two weeks ago, Treasury Secretary Timothy Geithner recently said the U.S. will hit the limit on its borrowing capacity by May 16 and warned that it could start defaulting on some of its debts soon after that unless Congress acts to raise the debt ceiling. Yesterday, Sec. Geithner took a decidedly more optimistic tone, assuring the public that an agreement will be reached in time to prevent default.
Allowing the U.S. to default on its debts would jeopardize the full faith and credit of the U.S. government, causing the dollar to lose its status as the world’s reserve currency, and in turn causing a lower standard of living and higher interest rates for the American taxpayers.
Whether or not the debt ceiling is raised, the federal government collects several times as much revenue as it needs to fulfill U.S. debt obligations. We can—and must—make paying the national debt a top priority. Failure to do so would pose unthinkable risks to the financial future of our country.
That is why I have cosponsored the Full Faith and Credit Act. This bill will ensure that the U.S. government does not default on its debt by requiring the Treasury to prioritize payments on the public debt over any other payments, in the event the debt ceiling is not raised. The Full Faith and Credit Act will reassure creditors that the U.S. is serious about making significant spending cuts. By taking the option of default off the table, this bill will allow Congress to have a productive debate about how to rein in the government’s out-of-control spending.
Weigh in: what are your thoughts on the debt ceiling and the Full Faith and Credit Act?
Posted by Randy | September 01, 2010
This chart shows an alarming truth – nearly half of our public debt is owned by foreign nations, like China.
I believe this is wrong. That’s why I have not only voted against all of the bailouts and stimulus packages that have added to our skyrocketing debt, but also cosponsored the Cap the DEBT Act. The premise of this commonsense bill is a simple – require a two-thirds vote by the House and the Senate to raise the debt ceiling. You can read more about it in this post.
Posted by Randy | July 08, 2010
Credit is valuable. Especially now as we’re in the midst of economic uncertainty, it is important to know how much credit you have and what your rights are as a consumer. Your credit can impact where you live and even where you work, as employers may check credit reports. Under the Fair Credit Reporting Act, you have certain rights when it comes to your credit:
- You have the right to know what is in your file.
- You have the right to ask for a credit score.
- You have the right to dispute incomplete or inaccurate information.
- Consumer reporting agencies must correct or delete inaccurate, incomplete, or
- Consumer reporting agencies may not report outdated negative information.
- You must give your consent for reports to be provided to employers.
- You may limit “prescreened” offers of credit and insurance you get based on information in your credit report.
- You may seek damages from violators.
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