If This is What it Means to be “Conservative” — I’m Proudly a Bleeding Heart Liberal

Clearly, members of the GOP in the House are all about looking for ways to handicap ANY organization tasked with performing regulatory actions that might impede their ideological plans for the future of the United States of Republica.  A case in point is this recent  press release from Representative Amodei’s office.  My comments are in blue italics at various points throughout his release.  Some original text has been highlight in RED for emphasis.

Amodei: Appropriations Financial Services bill reins in IRS, ACA and Dodd Frank

Wednesday June 18, 2014

FOR IMMEDIATE RELEASE                                 Contact:    Brian Baluta, 202-225-6155

WASHINGTON, D.C. – The House Financial Services and General Government Appropriations Subcommittee today passed its fiscal year 2015 bill, which would provide annual funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission and several other agencies.

The bill totals $21.3 billion in funding for these agencies, which is $566 million below the fiscal year 2014 enacted level and $2.3 billion below the president’s request for these programs.The legislation prioritizes programs critical to enforcing laws, maintaining an effective judiciary system and helping small businesses, while targeting lower-priority or poor-performing programs – such as the Internal Revenue Service – for reductions.

Well now, that makes just a ton of sense.  IRS is tasked with collecting revenue necessary for the operation of various government operations … so let’s under fund them so we can then make a scapegoat of them when they can no longer effectively perform their regulatory and tax-collecting functions.

“Every day, I am asked, ‘Why don’t you do something?’ This bill ‘does something’ by removing funding from executive agencies that have become political tools of the administration,” said Amodei.   

Bill highlights:

Internal Revenue Service (IRS)– Included in the bill is $10.95 billion for the IRS – a cut of $341 million below the fiscal year 2014 enacted level and $1.5 billion below the President’s budget request. This will bring the agency’s budget below the sequester level and below the level that was in place in fiscal year 2008. This funding level is sufficient for the IRS to perform its core duties, including taxpayer services and the proper collection of funds, but will require the agency to streamline and make better use of its budget.

Interesting! They continually carp about the IRS not providing for an EMAIL BACKUP strategy as part of their business plan. Server BACKUPs are NOT FREE!  How much more will they stop BACKING UP because they no longer have sufficient funding to do their tax collection duties, let alone ancillary functions like BACKUPS, SYSTEM UPDATES, SOFTWARE IMPROVEMENTS, etc.?

In addition, due to the inappropriate actions by the IRS in targeting groups that hold certain political beliefs, as well as its previous improper use of taxpayer funds, the bill includes the following provisions:

Here we go again, perpetuating the falsehood that ONLY right-wing political groups were scrutinized, when it was actually liberal groups that were denied with some that had already been given tax-exempt status seeing that status revoked (e.g., EmergeAmerica affiliated groups).  NO politically-focused groups should be receiving TAX-EXEMPT 501(c)(4) status, PERIOD!

A prohibition on a proposed regulation related to political activities and the tax-exempt status of 501(c)(4) organizations. The proposed regulation could jeopardize the tax-exempt status of many non-profit organizations and inhibit citizens from exercising their right to freedom of speech, simply because they may be involved in political activity.

Sorry, but I don’t get to deduct my “freedom of speech” contributions to political endeavors.  Thus, NO politically-focused organizations should be able to have a free of tax right to free speech at the American Taxpayer’s expense!

A prohibition on funds for bonuses or awards unless employee conduct and tax compliance are given consideration.

A prohibition on funds for the IRS to target groups for regulatory scrutiny based on their ideological beliefs.

Congress passed a law that clearly states that to be considered 501(c)(4) organization, your activities must be EXCLUSIVELY-FOCUSED on “Social Welfare” activities.  Politically-focused activities are NOT social-welfare activities and thus, it IS the IRS’s responsibility to scrutinize and deny tax-exempt status to ANY organization (conservative, liberal or otherwise) not meeting that exclusivity provision.

A prohibition on funds for the IRS to target individuals for exercising their First Amendment rights.

More BS related to the previous proviso — the IRS is NOT prohibiting ANYONE from exercising their free speech.  The IRS is merely and rightfully determining whether a group is a group exclusively devoted to providing SOCIAL-WELFARE opportunities/activities and thus, whether that group is entitled to TAX-EXEMPT status!

A prohibition on funding for the production of inappropriate videos and conferences.

Really?  Oh, please, pray tell, what “inappropriate videos” might it be that the IRS is producing?

A prohibition on funding for the White House to order the IRS to determine the tax-exempt status of an organization.

Again, if you want to allow any organization wanting to conduct EXCLUSIVELY politically focused activities to never have to pay taxes, well then, you need to REPEAL the law that PROHIBITS them from being tax exempt!  You cannot have a LAW on the books that says one thing and then prohibit the IRS, which is responsible for administering that section of the law, from enforcing it!

A requirement for extensive reporting on IRS spending.

Affordable Care Act (ACA) –The bill also includes provisions to stop the IRS from further implementing ObamaCare, including a prohibition on any transfers of funding from the Department of Health and Human Services to the IRS for ObamaCare uses, and a prohibition on funding for the IRS to implement an individual insurance mandate on the American people.

Well, let’s see.  We elected President Obama and a Democratic Congress to get health care reform. Then, the Republican propaganda machine bought a Republican House.  Despite their efforts to gerry-rig the system, we still re-elected President Obama. Health care reform is one of the hardest things we’ve ever worked on. But no matter, they just keep trying to either LIE ABOUT REPEAL or DEFUND access to healthcare for the American People despite its need or popularity.

Securities and Exchange Commission (SEC)– Included in the bill is $1.4 billion for the Securities and Exchange Commission (SEC), which is $50 million above the fiscal year 2014 enacted level and $300 million below the President’s budget request. The increase in funds is targeted specifically toward critical information technology initiatives. The legislation also includes a prohibition on the SEC spending any money out of its “reserve fund” – essentially a slush fund for the SEC to use without any congressional oversight.

In addition, the legislation contains requirements for the Administration to report to Congress on the cost and regulatory burdens of the Dodd-Frank Act, and a prohibition on funding to require political donation information in SEC filings.

My my, lookie here — looks like an increase in funding.  But wait, isn’t this the organization that’s supposed to regulate Wall Street?  It’s a shame that the increase in funding is just for a bit of information technology so they can determine how their GOP-Donor base is affected by any sort of regulation.  It’s also despicable that they’ve included a proviso that PROHIBITS any reporting of information as to Corporate political donations.  If you and I donate, our freedom of speech is broadcast for all to see … but the Republican Donor-base has a special privileged secreted freedom of speech.  Apparently the Republicans believe their Donors are free to speak with their Dollars, but the general American public is underserving of being able to speak with their dollars in response.

Consumer Financial Protection Bureau (CFPB)– The bill includes a provision to change the funding source for the CFPB from the Federal Reserve to the congressional appropriations process, starting in fiscal year 2016. Currently, funding for this agency is provided by mandatory spending and is not subject to annual congressional review. This change will allow for increased accountability and transparency of the agency’s activities and use of tax dollars. The legislation also requires extensive reporting on CFPB activities.

The Republicans have done EVERYTHING conceivably possible to handicap, repeal, defund and decapitate the Consumer Financial Protection Bureau (CFPB).  This is yet their latest attempt to defund and cripple any and all Consumer financial protection at the behest of their Donor-base.

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The President’s Housing Plan–What You Need to Know

The White House

President Obama took Wednesday morning to answer your questions on housing during an online interview, and it’s worth a watch. It’s part of his push for a more secure foundation for middle-class home ownership.

We want to make sure you’ve got the facts about President Obama’s plan, and the resources that are already available for homeowners.

Here’s what you need to know: The President’s plan involves simple, commonsense steps that folks on both sides of the aisle agree on. That means making it easier for families to refinance, reforming the system so families aren’t on the hook for the bad behavior of certain mortgage lenders, and helping folks who aren’t homeowners yet get affordable housing that’s right for them.

Click here to find out more about President Obama’s plan.

And while  we need to do more, there are some resources we’ve already helped make available:

  • MakingHomeAffordable.gov is there to help get you mortgage relief and avoid foreclosure. If you or someone you know needs assistance, they can help you find programs that can help — both online and through a free, 24/7 support line that can connect you with housing experts.

Take a minute to share this information with your family and friends, so that people who might not know about these resources can start getting help if they need it.

43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

— by Pat Garofalo on Feb 1, 2013 at 5:45 pm

When the Dodd-Frank financial reform law first passed, Senate Republicans refused to confirm a director for the newly-created Consumer Financial Protection Bureau. They promised to block any nominee — regardless of that nominee’s qualifications for the job — unless the Bureau was weakened and made subservient to the same bank regulators who failed to prevent the 2008 financial crisis.

President Obama was thus forced to recess appoint Ohio Attorney General Richard Cordray to be the Bureau’s first director. Now that Obama has renewed Cordray’s nomination, the Senate GOP is again promising to block any nominee unless the Bureau is watered down:

In a letter sent to President Obama on Friday, 43 Republican senators committed to refusing approval of any nominee to head the consumer watchdog until the bureau underwent significant reform. Lawmakers signing on to the letter included Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Banking Committee.

“The CFPB as created by the deeply flawed Dodd-Frank Act is one of the least accountable in Washington,” said McConnell. “Today’s letter reaffirms a commitment by 43 Senators to fix the poorly thought structure of this agency that has unprecedented reach and control over individual consumer decisions — but an unprecedented lack of oversight and accountability.” […]

In particular, Republicans want to see the top of the bureau changed so it is run by a bipartisan, five-member commission, as opposed to a lone director.

They also want to see the bureau’s funding fall under the control of congressional appropriators — it currently is funded via a revenue stream directly from the Federal Reserve.

Republicans want to implement a commission (instead of a lone director) and subject the CFPB to the appropriations process in order to stuff it full of appointees with no interest in regulating and starve it of funds. The other financial system regulators that have to go before Congress for their funds already don’t have the resources to implement Dodd-Frank, thanks the House GOP, leaving large swathes of it unfinished. There are also a host of other reasons that the CFPB needs to be both independently funded and have a strong, independent director.

The CFPB has done important work on behalf of consumers, winning wide praise from consumer advocates and the financial industry. Senate Republicans, meanwhile, have made it abundantly clear that they believe that blocking any and all nominees is an acceptable strategy.


This material [the article above] was created by the Center for American Progress Action Fund. It was created for the Progress Report, the daily e-mail publication of the Center for American Progress Action Fund. Click here to subscribe.


Related Resource:

Feb 2013 GOP Letter to President Obama complete with all 43 signatures

Proposing a new way to present information about mortgages

After more than a year of research, testing, writing, and review, today we’re submitting a proposed rule to the Federal Register to create new, easier-to-use mortgage disclosures.

Take a closer look to learn more about the proposal. 
www.consumerfinance.gov/knowbeforeyouowe 

The proposal means different things to different people. For consumers, the proposed forms are simpler than the current forms and highlight certain key pricing information right on the first page. For industry, the forms are easier to explain to customers and the regulatory changes make the rule easier to comply with. And for everyone, the proposal offers a way to judge an experiment in public participation.

Early last year, we began a project to develop a more effective, and ideally simpler, set of mortgage disclosures. The Dodd-Frank Act mandates that the CFPB combine the Truth in Lending and Real Estate Settlement Procedures Act mortgage forms. We believe that these new, combined forms would be better if they are designed with input from the people who will actually use them.

We called this participatory approach “Know Before You Owe.”

The proposed rule we are releasing today is in many ways the result of that idea. We’ve provided several types of information to help you explore our work:

  • A side-by-side comparison of the current and proposed disclosures
  • A timeline of the project, from the beginning through today
  • The proposed rule, including an annotated disclosure connecting what goes on page one to what we’re proposing in the rule
  • Summaries of what the proposal means for consumers and for industry, as well as reports on what we learned through this process

The input we’ve received from people like you – consumers, industry, designers, regulators, and more – has helped to shape the proposal we’re submitting today. Thank you. Now we need you to help us one more time.

Review the proposal. Then submit a comment to let us know what you think of it.

www.consumerfinance.gov/knowbeforeyouowe

Thank you,
The Consumer Financial Protection Bureau