Fwd: Enterprise Update: In the Dodd Bill, “Bank” Could Mean Anyone

Enterprise Update Eliminating barriers to enterprise and innovation Recent Updates Dodd Bill Fails to Fix "Too Big Too Fail" More Revenge Than Reform Dodd's Regulation Plan: 14 Fatal Flaws Cornhusker Kickback, Part Deux Government Unions Are the Big Winners in Obama Economy The Berkshire Bailout: Congress Misunderstands Markets Featured Research In the Dodd Bill, "Bank" Could Mean Anyone By David John The Dodd financial reform bill is beginning to scare executives. However, it is not necessarily scaring bankers or Wall Street fat cats. It is scaring motor cycle manufacturers, college presidents, retailers, car dealers, and even coffee shop executives. All of these people and more are waking up to the Dodd bill's threat to their businesses. If you read the Dodd financial reform bill carefully, the words "bank" or "financial" could refer to many more people than just bankers. Those words apply to any provider of "financial products" even if the major business of the company is something completely different. On page 131, the summary of the bill's section creating a new Consumer Financial Protection Bureau says that the section "makes clear that financial products or services defined in the Act that are offered or provided for use by consumers primarily for personal, family, or household purposes are considered to be "consumer financial products or services" for purposes of this Act. In addition, other key financial activities that are central to consumers are also included in this definition. >> Click here to read the full report For more information, visit Heritage's Enterprise and Free Markets webpage, which features research, commentary, blog posts, charts and additional policy resources. Red Tape Rising The regulatory burden on Americans continued to surge during 2009, with record increases in costs thanks to both the Bush and Obama Administrations. Given ongoing regulatory initiatives at several agencies, it is very likely that this surge will continue. Click here for more information About The Heritage Foundation Founded in 1973, The Heritage Foundation is a research and educational institute -- a think tank -- whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense. The Heritage Foundation | 214 Massachusetts Ave NE, Washington, DC 20002 | 202.546.4400