Unite the USA
In the news, we
hear presidential candidates, lawmakers, and talking heads sounding the alarm that Dodd-Frank needs to be repealed. Economists
are alerting the public and media about the repercussions of the law. But just what is Dodd-Frank?
Sen. Chris Dodd (D) and Rep. Barney Frank (D) created the bill which
ultimately passed and become the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill passed last year and
it gives substantial power to government administrative agencies and raises the cost of living for every American.
Dodd-Frank supporters claim the monstrous regulatory rollout was created in response to the 2008 crisis. Dodd-Frank
has 243 separate rulemakings (by 11 separate federal agencies) with the misguided attempt to reduce financial risk by constraining
banks, credit unions, mortgage brokers, investors, accountants, and myriad other financial products and services. Instead
of helping the economy, it's hurting it. According to numerous experts on both sides of the aisle, Dodd-Frank will ramp up
the cost of living for all Americans.
this edition of Unite the USA to discover more about Dodd-Frank and a few of its repercussions. If we educate
ourselves about today's issues, then we can work to make a difference for tomorrow.
Carrie and Stacie Stoelting
Founders of Unite the USA
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Congress Should Promptly Repeal or Fix Unwarranted Provisions of the Dodd-Frank
an article about it by the Heritage Foundation:
Congress enacted the Dodd-Frank Wall Street Reform
and Consumer Protection Act in 2010 in the wake of a financial crisis followed by a serious economic recession. Regrettably,
many of the provisions of the Dodd-Frank Act contravene basic American principles and inhibit rather than
advance economic growth. Congress should review the Dodd-Frank Act and repeal or correct those provisions, starting with provisions
that intrude upon the role of the states and shareholders in corporate internal governance, intrude into the functions of
the judicial branch and deny companies a reasonable opportunity to defend themselves in court, hamper the effective functioning
of mortgage markets, and create a largely unsupervised new federal agency to regulate consumer
Many provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act contravene America's
basic principles of free enterprise, limited government, and individual freedom and place obstacles across the path to economic
growth and job creation. Congress should promptly repeal or correct all of them, starting with some of the most egregious
provisions, which deal with government intrusion into internal corporate governance, government takeovers of financial businesses,
government control of mortgage markets, and government regulation of consumer finance.
Read more here . . .
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for Debit Card Changes
controls on debit cards have already cost consumers. It's time to scrap the regulations entirely.
By Kelly William Cobb
We're just beginning to see the impact of the
Dodd-Frank financial reform act with over 500 new regulations entering the pipeline. Yet, the fresh-out-of-the-gate price control on debit cards has
already sparked an uproar.
Dodd-Frank, following a push by Sen. Dick Durbin (D-IL), instructed the Federal Reserve to set a price control that capped the interchange fee paid by retailers to banks in order to accept debit cards. The fee traditionally covered the cost of checking accounts,
consumer card rewards, and ensured secure transactions and
fraud prevention. As predicted, banks have had to cover the cost of Durbin's price control, now set at roughly 21 cents a transaction, by eliminating free checking, charging for use of a debit card, or reducing card
benefits dramatically. For these reasons, over 30 free-market groups called for the regulations to be rolled back earlier this year.
This has sparked some consumer backlash, but instead of laying
blame on financial institutions, it should be placed squarely at the feet of Sen. Durbin and the Federal Reserve. Changes
to consumers' bank accounts or debit cards would not have occurred had this law never been implemented.
Thankfully for consumers, Reps. Jason Chaffetz (R-UT) and Bill Owens (D-NY) have introduced the Consumer Debit Card Protection
Act that will repeal the Durbin price control. This follows an effort in the Senate last June that
would have delayed and studied the impact of the regulation before it went into effect. That measure was supported 54-45, but did not reach the 60 votes needed to invoke cloture.
Americans for Tax Reform strongly supports the Chaffetz-Owens Consumer
Debit Card Protection Act. As predicted, the interchange price controls by Sen. Durbin and the Fed have dramatically altered
the market for debit cards and negatively impacted consumers in the process. The rule should be rolled back in its entirety.