Proponents of comprehensive regulatory reform hope for sweeping measures to protect consumers from predatory lending, rein in high-stakes Wall Street trading in arcane derivatives, boost capital requirements for banks that want to bet big with depositors' money and spread some regulatory sunshine on the dark pools of the “shadow banking system” that caught regulators flat-footed when the market spiraled into the abyss in the fall of 2008. “We cannot afford to let the status quo continue,” Sheila Bair, head of the Federal Deposit Insurance Corp., told a meeting of business economists in Washington. The final law is still in doubt. Sen. Christopher Dodd, D-Conn., has pressed for reform during a year of intensely partisan bickering. On Friday, Dodd — a lame duck who announced his retirement after disclosures that he accepted favorable terms from subprime lender Countrywide Financial — claimed that the Senate Banking Committee he chairs was “days away” from wrapping up a bill. Any resolution faces a major political hurdle that has drawn the most public attention: a proposal to create a new agency to protect consumers from predatory lending and other abusive financial practices. While the "systemic risks" to the financial system may represent a bigger threat in dollar terms, voters might be more focused on the consumer impact.Dodd said that’s not hard to understand.“The subject matter of derivatives and swaps and the issue of systemic risk and too-big-to- fail seem somewhat removed from the general public,” he told CNBC after the Senate compromise was reached. “Watching my credit card go to 32 percent rates and huge fees, watching prepayment penalties on mortgages, these are things that millions of people understand.”
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loutechsolutions on 30 Jul 23Business credit cards play a crucial role in modern society for several reasons. Firstly, they provide a convenient and efficient method for managing business expenses, allowing companies to maintain financial stability and track their spending. Secondly, business credit cards offer various perks and rewards programs tailored specifically for businesses, such as cashback on certain business-related purchases or travel benefits. These perks can help companies save money and improve their bottom line. Additionally, business credit cards help establish and build a separate credit profile for the business itself, distinguishing it from the owner's personal credit. This separation can protect the owner's personal credit and assets and provide more significant financing opportunities for the company. Furthermore, business credit cards often come with features like expense tracking tools and spending limits, which enable better financial management and control within the organization. Overall, the importance of business credit cards in modern society lies in their ability to streamline financial processes, provide financial benefits, and establish a separate credit identity for businesses. https://vamarvelous.wixsite.com/solutions
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