Spread the Wealth with Finance Reform

Sharing is caring!

By: Nancy Jacques

It’s probably a good idea to ask your Senators if they’ve read the finance reform bill – S3217. Here’s the link: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s3217pcs.txt.pdf

If they read it, they will see that REDISTRIBUTION OF WEALTH somehow made its way into the bill. We all know that grants given by the government are done so with taxpayer dollars. It’s free money for the recipient of the grant. If this bill passes, taxpayer dollars will be provided to low- and moderate-income individuals “to meet the financial needs of such individuals;” they’ll also receive products and services which include “small-dollar value loans.”

First, who decides what “small-dollar value” is? Perhaps those who are passing trillion dollar legislation in the blink of an eye? After all, it’s just taxpayer dollars. Second, isn’t that how we got into the mortgage mess… low- and moderate-income individuals being given home loans they couldn’t afford?

Page 1401:


(a) IN GENERAL.—The Secretary is authorized to establish a multi-year program of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings to promote initiatives designed—

(1) to enable low- and moderate-income individuals to establish one or more accounts in a federally insured depository institution that are appropriate to meet the financial needs of such individuals; and

(2) to improve access to the provision of accounts, on reasonable terms, for low- and moderate income individuals.

Page 1402:

(2) ACCOUNT ACTIVITIES.—Subject to regulations prescribed by the Secretary, an eligible entity may, in participating in a program established under subsection (a), offer or provide to low- and moderate-income individuals products and services relating to accounts, including—

(A) small-dollar value loans; and

(B) financial education and counseling relating to conducting transactions in and managing accounts.

REDISTRIBUTION OF WEALTH also involves “THE BUREAU.” I assume this means they’ll have insight into residential and commercial accounts since they will “assess the distribution”… “across income and minority level census tracts.” That’s as comforting as knowing they “may use the data for any other purpose as permitted by law.”

Page 1262:

(d) BUREAU USE.—The Bureau—

(1) shall use the data on branches and deposit accounts acquired under this section as part of the examination of a covered person as part of an examination under this title;

(2) shall assess the distribution of residential and commercial accounts at such financial institution across income and minority level of census tracts; and

(3) may use the data for any other purpose as permitted by law.

Perpetual use of taxpayer dollars for banks that need it is conveniently located on pages 1365 to 1371.

Page 503 tells us about the G20 nations’ agreement that all standardized over-the-counter derivative contracts are to be cleared through central counter-parties by the end of calendar year 2012 at the latest. Is there anything coincidental about that time frame?

Page 816 will look out for all of us by the Comptroller General who will consider “the role of financial planners in providing advice regarding the management of financial resources, including investment planning, income tax planning, education planning, retirement planning, estate planning and risk management.” Wow! They’ve got everything covered for us! Maybe they’ll require us to buy a student loan whether we want it or not. Déjà vu – didn’t they do that with healthcare? Isn’t it great that they’ll nudge us to purchase financial products which they decide we need?

Pages 1060 and 1061 are going to create an “Office of Financial Literacy” and implement “initiatives intended to education and empower consumers to make better informed financial decisions.” The Earned Income Credit, which provides EXTRA taxpayer dollars for low-income individuals via their tax returns (aka: free money from taxpayers), along with “Federal Benefits” (aka: free money from taxpayers) is included for “wealth building.” This will surely help our government steal from those who work hard to earn a living so that they can give it to those who may not. After all, everyone’s got to have an equal amount, right?

Please call, email, and fax these 8 Republican Senators who are not yet 100% opposed to this bill:

Bob Bennett of Utah (202) 224-5444

Susan Collins of Maine (202) 224-2523

Christopher Bond of Missouri (202) 224-5721

Saxby Chambliss of Georgia (202) 224-3521

Bob Corker of Tennessee (202) 224-3344

John McCain of Arizona (202) 224-2235

Olympia Snowe of Maine (202) 224-5344

Scott Brown of Massachusetts (202) 224-4543

Donate to

Support American Values...