Financial Reform Bill Will Kill Jobs and Raise Taxes

Some days it makes you wonder about the three New England Republicans and what makes them take the positions they do on some bills. We just don't understand this vote at all because Congressman Pence is correct. We hate to believe that constituents in their states were pushing this bill because if they were, they are out of touch with the rest of America. We also don't understand how they keep voting with Democrats to kill debate. In this instance, Senator Russ Feingold (D-WI) who is in a tight race voted against this bill and against cloture which we don't find too shocking as he done this before on similar bills. He understands the outcome more than the three Republicans -- Senator Scott Brown (R-MA), Senator Susan Collins (R-ME) and Senator Olympia Snowe (R-ME).

This was not a good day for them to pass this as we wonder how much this bill is going to cost the consumer like their other bills they have passed since Obama took office. Every time Congress passes a bill to protect the consumer it costs us more money. Do they think that banks will not pass on the charges to the consumer? How dumb can members of Congress be?

Today a notice from Target was received detailing the new rules about credit cards that the Federal Government decided to stick their noses into. Late payment fee has risen from $25 to $35, returned payment fee is now $25, and minimum payment due has gone from $10 to $25. Also the Prime Rate they use to charge interest is now on one specific day a month not the day of billing. If someone is struggling to keep up with credit card payments, how is raising everything going to help. This is a very small account but what if it had a large balance and your minimum payment was more than doubled? Bet you see people going belly-up on their credit cards thanks again to the Democrat controlled Congress and Obama.

Congressman Pence is so right and why it is so disgusting to see three Republicans vote for this bill when we are supposed to be the party of limited government.

Cong Pence: Financial Reform Bill Will Kill Jobs and Raise Taxes
“It is a fundamental departure from the American ideals of personal responsibility and limited government.”

Washington, DC - U.S. Congressman Mike Pence, Chairman of the House Republican Conference, released the following statement today after the U.S. Senate passed the Democrats’ financial regulatory reform bill:

“This so-called financial reform bill will kill jobs, raise taxes, restrict the flow of credit, make bailouts permanent, and turn the Democrats’ disastrous too-big-to-fail approach into federal law. It is a fundamental departure from the American ideals of personal responsibility and limited government, and it does nothing to make Fannie Mae and Freddie Mac compete fairly in the marketplace. “This bill can be summed up in two words: ‘government control,’ and it will serve as the latest piece of the president’s job-killing agenda. This represents another defeat for American families, small businesses and family farms, who continue to wonder when Washington Democrats will set aside their big government programs and work with Republicans on ideas that can actually put Americans back to work."

Oversight of tax-exempt groups like ACORN examined

California Republican Rep. Darrell Issa and Maine Senator Susan Collins asked the Inspector General (Treasury) to investigate. It is about time someone decides to investigate the millions and millions of dollars of taxpayer money that has been given to this corrupt organization. Anyone who has watched a candidate lose due to ACORN voter fraud has been demanding an investigation into ACORN for sometime. Now we have learned they were part of the housing crises with their intimidation factor as well as giving free tax advice that breaks the law. Guess the old addage 'better late then never' applies here.

breitbart
9/24/09
ap

WASHINGTON (AP) - The Treasury Department's inspector general is looking into the government's oversight of tax-exempt organizations like ACORN when they engage in political activities.

The office of California Republican Rep. Darrell Issa disclosed the IG's decision on Thursday amid a controversy over videotapes of ACORN employees offering advice about how to establish a brothel with underage prostitutes.

(Excerpt) Read more at breitbart.com

UPDATE: Sep 24, 2009 -- IRS Severs Ties With, and Files $2m in Liens Against, ACORN
The IRS has severed ties with ACORN, after several of its employees were caught on video giving advice to a couple posing as a prostitute and pimp. (ACORN in the the past has worked with various groups in providing tax assistance to the poor through the Volunteer Income Tax Assistance Program (VITA).) In addition, the IRS has filed over $2 million in tax liens against the organization. SOURCE: http://taxprof.typepad.com/taxprof_blog/2009/09/irs-severs.html

UPDATE: Sep 24, 2009 -- The office of the Treasury Inspector General for Tax Administration has confirmed to CNN that it is "initiating a review of ACORN." Office spokeswoman Li-Yun Chien told CNN that the inquiry is related to a non-profit fraud investigation, and how IRS internal processes handle possible fraud issues in organizations that are classified as non-profits, like ACORN. SOURCE: http://politicalticker.blogs.cnn.com/2009/09/24/irs-inspector-general-joins-entities-looking-into-acorn/

UPDATE: Sep 24, 2009 --

Breaking Hill's leading nonprofit watchdog Sen Charles Grassley demands ACORN probe/