Friday, June 25, 2010
Minnick Voices Support to Financial Overhaul Compromise
Posted by George Prentice on Fri, Jun 25, 2010 at 11:33 AM
Early on Friday, June 25, a 20-hour marathon by members of the U.S. House and Senate hammered out a reconciliation bill that could transform financial regulation. Their proposal would make lending agreements easier to understand, protect small borrowers from hidden penalties and fees and restrict trading by banks for their own benefit. The approval clears the way for both houses of Congress to vote on the full financial regulatory bill next week.
Idaho First District Rep. Walt Minnick tells Citydesk that in spite of aspects of the bill that "may result in unnecessary cost and government interference, there is more good than bad," in the legislative package.
"Based on my my initial understanding of the legislation, I'm inclined to support the bill," he said.
Minnick said the next step will be new legislation which he is crafting to oversee commercial real estate. Minnick cites a White House blue-ribbon panel which reported a 43 percent decline in commercial real estate assets in the last two years.
"And it's larger now," Minnick told Citydesk. "More individuals are credit-worthy for loans to sustain or build their businesses, but small lending institutions are stressed by collateral assets [commercial real estate] that are declining in value," he said. "They simply can't make the loans, even to eligible lenders."
Minnick told Citydesk he expects his commercial real estate reform legislation to surface before Labor Day.
Comments (1)
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Just a note to the terminally unemployed,
Both your Idaho senators have voted against extending benefits for the recovery bill that was defeated in congress this week.
After web searching, it seems that there is an agenda to stymie the recovery until after the elections coming up.
How can one justify spending BILLIONS of our tax dollars to bail out financial institutions that heartily helped us get in this mess, while cutting help to the actual citizens who need it.
I petitioned both senators last week to allow the bill to pass, but was never given the courtesy of a reply.
The reality is... No money = no spending
No spending = no jobs
No jobs = no money.
I implore you to remember these two in the upcoming elections. Risch, (the richest senator in the US), and Crapo, however you pronounce his name have let us down big time and should be looking for work after the elections.
I didn't vote for Obama,I wrote in my candidate, but he was handed an awfully big plate full of some unsavory situations that we expect him to
somehow make go away.
So while you are sitting there stewing, remember who is not out there to help the common man. The republicans are the ones who welcome the "guest workers" because they work for less and will never collect on the social security taxes taken out.
So lets put these two on the unemployed list asap, like they have to worry about paying rent or putting food on the table.
Personally, I don't think it's such a smart move by them to dump us, as we will have lots of time and incentive to confront them, possibly recall them from office.
Remember, they aren't there for our benefit, although, YOU are paying their salaries.
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