Missouri's 7th District, U.S. House of Representatives




Congressional Issues 2010
Financial Deregulation

The 112th 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;
  • repeal the Community Reinvestment Act of 1977,

  • 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,

  • enact the Bankruptcy Abuse Prevention and Consumer Protection Act of 2002 with stronger provisions, and

  • revoke Fannie Maeís and Freddie Macís federal charters and fully privatize those two government-sponsored enterprises.

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