Manzullo Cautions New Fed Agency’s Role in Regulating and Approving Financial Transactions
Washington,
Oct 22 -
Congressman Don Manzullo (R-Egan) today voted against creating a new costly government financial bureaucracy and instead supported legislation to strengthen existing regulations to ensure America’s financial sector remains strong and consumers are protected.
A member of the House Financial Services Committee, Manzullo voted with 28 of his colleagues today against creating the Consumer Financial Protection Agency, an overreaching new government agency that will impose regulations on nearly every sector of the economy, including virtually any financial transaction. The CFPA will have the ability to regulate financial transactions involving banks, real estate professionals, property appraisers, accountants, lawyers, personal investment advisers, schools, colleges and universities, and physicians among others.
“This bill is absolutely shocking. It is one of the most pervasive pieces of legislation to come before me during my time serving in the House of Representatives. It gives extraordinary authority to the federal government to regulate transactions and assess fees,” Manzullo said. “This bill has the reach to permeate nearly every sector of the economy and could strap millions of people and small businesses with regulations and new taxes disguised as fees. Instead of charging consumers to provide ‘protection,’ I would support creating an oversight council among existing agency chairmen to identify risks and develop uniform rules to protect consumers.”
“This bill is so broad and vague it could give the federal government the authority to impose regulations on children who, as power of attorney, handle their senior parent’s checkbooks, or churches and non-profit agencies that offer classes on personal finances,” said Manzullo. “It will slap new regulations on physicians and hinder how they process their billing. We do not need another increasing the costs medical care.”
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