Four Democratic Senators are asking the Federal Reserve to increase the transparency in business credit card ads.
Go here to read the rest:
Senators Calling For Greater Transparency In Business Credit Cards
http://moneymorning.com/2010/01/27/retirement-plans/
Two links on the plan to take your money,man o man it never ends.
The Democratic Congress along with Obama have a plan to Do Away with the Pay roll tax of Social Security. In its place- they want to take 5% of YOUR 401K deduction from your paycheck- and use that money to fund the Social Security Program. YOUR MONEY- YOUR INDIVIDUAL RETIREMENT MONEY.
—————————————————————————————————————————————————————————–
According to widespread media reports both the U.S. Treasury Department and the Department of Labor plan are planning to stage a public-comment period before implementing regulations that would require U.S. savers to invest portions of their 401(k) savings plans and Individual Retirement Accounts (IRAs) into annuities or other “steady” payment streams backed by U.S. government bonds.
Folks, there’s only one reason these agencies would do such a thing – the nation’s creditors think that U.S. government bonds are a bad bet and don’t want to buy them anymore. So like a grifter who’s down to his last dollar, the administration is hoping to get its hands on our hard-earned savings before the American people realize they’ve had the wool pulled over their eyes … once again.
Chicago, IL – The Illinois Republican Party announced that it has launched an online petition for Illinois citizens to call on Illinois State Senate President John Cullerton and his fellow Democratic State Senators not to rubber stamp …
More:
» Blog Archive » Illinois GOP launches online petition calling on …
With the amount of oil we import from Canada, Mexico, and
Venezuela, do we really need oil from the Middle East? I say
this because to add to what we import from the three countries
listed above, we also now have this discovery of an abundance
of oil here in the U.S. See the article below.
I guess Government knows best who should get credit and who should be denied…..we are far to stupid to determine that on our own.
I imagine their may be quite a few husbands happy with the new rules….no out of control spending….and no way for the little woman to establish a credit history on her own and possibly leave them.
Unintended or Intended Consequences?
No income? You could be denied under Fed’s proposed rule
“Should those who do not earn independent income, but very likely have access to a spouse’s earnings, be able to have a credit card in their own name? Should there be any special limits on cards for those without independent income?”
I asked those questions because the Federal Reserve has proposed rules that could prevent stay-at-home spouses without their own income from getting a credit card. Current rules allow issuers to consider an applicant’s household income, but the proposal would force issuers to focus on each person’s income source. The rules would come into play before opening a new account or increasing the credit limit on an existing account.
While the Fed is looking to implement a sound system — the proposals would clarify prior rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 — some observers worry that this proposal goes too far.
“We are concerned that the board’s proposal will hamper a stay-at-home mom’s ability to establish her own independent credit history by applying independently for a card,” according to a letter from Democratic Reps. Carolyn Maloney and Louise Slaughter, both of New York. “Many stay-at-home moms have a strong work history, yet the proposed regulations ignore their demonstrated credit-worthiness because of their lack of current market income.”
Maloney and Slaughter, who played key roles in the creation of the credit-card law, said the stakes could be particularly high for those in abusive relationships: “Women trapped in abusive marriages may be unable to work due to a controlling spouse, a hallmark of relationships characterized by domestic violence. The availability of an independent credit card may represent her best chance at establishing independence and a path out of a dangerous relationship.”
While the Fed acknowledged that the proposals could affect consumers whose sole source of income currently is a spouse’s income or assets, the agency said it is focused on establishing safe standards.
“The board has previously concluded that it would be inconsistent with the intent of the Credit Card Act for a card issuer to issue a credit card to a consumer who does not have any income or assets,” according to a public notice from the Fed
February 26th, 2010 Kohl critical of NBC online Olympic coverageWASHINGTON — A Democratic senator criticized NBC on Friday for its handling of online access to the Vancouver Olympics, calling it unfair and restrictive. Sen
View original here:Â
Key senator calls for Hulu sale, other conditions if regulators OK …
DCCC Calling It Quits in Hawaii-1 [Daniel Foster].
View post:
DCCC Calling It Quits in Hawaii-1 – Daniel Foster – The Corner on …
Rank-and-file Democrats welcomed Espada back. That was a contrast to the name- calling of the past five weeks, when many Democrats said they would never serve under Espada in a leadership position
Read more here:
NY Senate Gets to Work, Runs into Roadblock » Matzav.com – The …
Recent Comments