Update: HR 3126
Posted by CM on October 16, 2009
Surprise, surprise; Barney Frank and his committee cohorts have voted 43 to 26 to approve exemptions for their bill, HR 3126; the Consumer Financial Protection Agency. “Small” banks will be exempt from federal oversight while large banks will still be under federal oversight. I guess when our mortgages are repackaged and sold, we should cross our fingers that the buying bank is large enough to be under federal scrutiny so we have someone to complain to when things go south. Otherwise, we are doomed to be left out of complaining because our mortgage holder is considered “small” by Frank’s committee.
Ed Mierzwinski of the United States Public Interest Research Group summed up HR 3126 and our government perfectly when he told the NY Times that “the legislation had broad exceptions that swallow any rule it creates.” (1)
When I started this blog, I was the hopeful optimist. Now I am the cynical pessimist.
1. Bill Shields Most Banks From Review. Stephen Labaton. 10/16/2009. NY Times. URL: http://www.nytimes.com/2009/10/16/business/16regulate.html