Congressional Democrats planned to tax banks a total of $18 billion per year to support a new financial regulatory agency. How much more ridiculous can Democrats get? The new financial regulations will prevent banks from doing their own proprietary trading so they will lose that source of income. Then the government is going to tax them some more to pay for an un-needed agency! Guess who is going to have to pay more money to support banks? You and me of course through more checking fees, account charges, and of course you better not have any overdrafts! Another silly aspect of this is that we already have numerous government agencies that could administer the new regulations (which are themselves silly and won't accomplish much anyway.)
To list the major agencies that already perform financial regulation tasks; the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), and the Securities and Exchange Commission (SEC). On top of that, if there is any evidence of fraud or financial crime involved, the FBI should be the primary agency to investigate and make arrests if necessary.
What is really behind the Democrat's planned agency? Another liberal socialist attempt to grab power in this country in the name of the Progressive Party's agenda. Vote them out of office in November!
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