May 30, 2017
Tuesday’s Regulatory & Legislative Roundup
- Representative Blaine Luetkemeyer of Missouri, gave the Financial Institution Customer Protection Act another try by reintroducing the bill into Congress. Luetkemeyer believes the bill will balance and protect the financial industry from “organized bureaucratic intimidation.” The proposed bill specifically limits the authority of federal banking agencies termination rights. The bill goes further to clarify the definition of material reason when deciding if a customer poses a security threat.
- Some are calling Trump’s proposed 2018 budget “unacceptable and unconscionable.” The proposed budget decreases spending by 4.6 trillion over ten years. The bulk of the savings plans stem from cutting funding to many of the programs most low and middle class Americans rely on each day such as federal pensions and social security disability insurance. Members of Trumps budget team believe, “This is, I think the first time in a long time that an administration has written a budget through the eyes of the people who are actually paying the taxes.“
