Election Results May Derail
Consumer Banking & Card Check Legislation
Colleagues,
NCISS has been concerned about some of the provisions of HR
4173, the financial reform legislation which would create a
Consumer Financial Services Protection Agency. Reports on
several fronts indicate that Republican opposition to the bill
have led Senate Banking Committee Chairman Chris Dodd (D-CT) to
consider dropping the separate agency and giving some consumer
protection authority to an existing agency, perhaps the US
Department of the Treasury. The legislation currently would
permit the proposed agency to establish consumer protection
rules under the Fair Credit Reporting Agency, but retain some
enforcement of rules affecting consumer reporting agencies
within the Federal Trade Commission. The potential loss of 60
votes in the Senate due to Tuesday’s election results will give
Republicans more leverage in opposing the establishment of a
new, separate consumer agency. This would be good for our
profession.
Congress returned to the Nation’s Capital this week for the
second session, but must now deal with fallout of the Republican
election win in Massachusetts. It is usually difficult to enact
controversial legislation during an election year, and in 2010,
the entire House and a third of the Senate will face the voters.
Yet the Democratic leadership has several major pieces of
legislation holding fire, including health care, financial
reform and several energy measures.
The election of Senator-elect Scott Brown in Massachusetts has
thrown a new monkey wrench in the plans of President Obama and
Democratic Congressional leaders. Because of Senate rules
permitting extended debate (filibuster), it takes 60 votes in
the 100 person body to enact anything controversial. The
election gives the Democrats 59 votes (including two
independents who vote with the Democrats). The most likely
casualty of the new Senate math will be the “Employee Free
Choice Act”, which would permit unionization of companies
without a secret ballot vote by employees. This legislation
would be particularly harmful to security companies. Lacking 60
votes, the bill will have to be watered down in order to pass.
The Massachusetts results will also have another salutary
effect. It will make progressive members of Congress less likely
to push for more expansive government intervention in the
economy generally. The Senate will simply become more
conservative.
However, I would caution against assuming that the privacy
issues will be slowed. Most privacy measures have a substantial
amount of bipartisan support. The NCISS legislative committee
will continue to develop all these issues and fight to protect
the interests of investigators and security companies.
Keeping you updated,
Jimmie Mesis
NCISS Legislative Chairman
NCISS
7501 Sparrows Point Blvd.
Baltimore, Maryland 21219-1927
(800) 445-8408 . Fax: (410) 388-9746
Email: jim@nciss.org
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