Congressional Issues 2006
MONEY AND FINANCE
Financial Deregulation
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The 110th Congress should
- extend the Gramm-Leach-Bliley Act (1999) to
all banking institutions and remove Community Reinvestment Act
compliance;
- repeal the Community Reinvestment Act (1977)
to allow fair and competitive lending while eliminating the unnecessary
burden of paperwork imposed on banking institutions and regulatory
agencies;
- eliminate mandatory federal deposit
insurance, allow competition, and privatize the Federal Deposit
Insurance Corporation;
- enact the Bankruptcy Reform Act with stronger
provisions to prevent those debtors who can repay their obligations from
abusing the system;
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repeal the Community
Reinvestment Act of 1977,
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reject the Federal Deposit
Insurance Reform Act of 2002 (H.R.3717) that calls for increasing the
deposit insurance limit to$130,000 and gives the Federal Deposit
Insurance Corporation greater discretion
in the setting of insurance premiums,
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enact the Bankruptcy Abuse
Prevention and Consumer Protection Act
of 2002 with stronger provisions, and
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revoke Fannie Mae’s and
Freddie Mac’s federal charters and fully
privatize those two government-sponsored enterprises.
next: Securities Markets
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