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Categories - Copywriting - Shopping - Free Online Business Help - Telecommunications Services Articles: Government - TARP Reform Thomas Jefferson said, “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.” Congressman Barney Frank, Chairman of the House Finacial Services Committee, introduced H.R. 384, the TARP Reform and Accountability Act and it was brought to vote on the House floor bypassing normal committee procedures. O nce again, the U.S. taxpayers are being taken to the cleaners.
According to Frank, this amendment will add transparency and accountability to the TARP Act. As is standard operating procedure for the federal government, a bill posing as an effort to tighten oversight and increase accountability only further intensifies government manipulation of the market and provides money to the banks in addition to the $350 billion being considered as the second half of the TARP funds.
Here are a few of the harmful provisions lurking in the legislation:
It requires that "no less than $40 billion" of the remaining $350 billion TARP dollars be assigned to foreclosure mitigation. This is something that the banks are fully capable of doing on their own without taxpayer money and it would be to their benefit to convert bad loans into good loans. Rather than losing money that they don’t have yet, the banks are set to be reimbursed by the taxpayer before they even suffer a loss due to their predatory lending practices. This government interference will contribute to keeping home prices arbitrarily high.
It clarifies the Treasury Department's authority to establish new offices to oversee the availability of consumer loans, such as student and auto loans. This will result in the government growing bigger and costing more without even the semblance of taxpayer representation or control through Congress. Taxation without representation is what touched of the original revolution that established this country. 26% of the work force already works for the government and, through regulation, licensing, fines, and corporate taxes that are passed on to you, you are already paying well over twice the amount that is deducted from your paycheck in taxes.
It makes the increase in deposit insurance coverage for banks to $250,000 permanent. This was enacted temporarily as part of TARP to stave off bank runs. It exposes taxpayers to more risk and prevents the banking industry from naturally correcting its self like any other industry is supposed to do. It also encourages the banks to continue to take risks instead of operating their businesses soundly.
It increases the FDIC's borrowing authority from $30 billion to $100 billion and allows it to obtain sums in excess of $100 billion upon the Treasury Secretary's approval. This is the most illegal and dangerous part of the act. The Treasury is supposed to protect the nation’s treasury and issue payments under the direct control and authority of Congress. The FDIC is not supposed to be funded other than with Congressional approval. This removes any semblance of control that Congress might have over a budget and allows taxpayers to be encumbered at the whim of a federal agency, which is manipulated by special interests. Anytime a bank or Wall Street firm needs money, the Treasury and FDIC will be able to provide it to them at payer expense.
The banks already have a stranglehold on this country’s economy and the property of its Citizens. This act only tightens their grip and furthers their goal of controlling and owning everything. You owe it to your children and your country to actively voice your displeasure.
Information provided by Congessman Ron Paul's Campaign for Liberty.
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