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Jefferson City News

Wednesday, April 24, 2024

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  • Regulation

    Taxpayers Protection Alliance President: Jefferson City tourism threatened by Sen. Hawley’s credit card bill

    New credit card regulations sponsored by U.S. Sen. Josh Hawley (R-Mo.) could threaten Missouri’s $19.9 billion tourism industry by eliminating airline credit cards and reward points for travelers, said David Williams, president of the Taxpayers Protection Alliance (TPA).

  • Local Government

    Luetkemeyer: CFPB use of term ‘junk fees’ is ‘nonsense’

    U.S. Rep. Blaine Luetkemeyer (R-MO-3) said that the Consumer Financial Protection Bureau’s (CFPB) use of the term "junk fees" is “nonsense.”

  • Local Government

    Rep. Luetkemeyer Raises Concerns Over Financial Regulation Impact on Consumer Credit

    WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-3) engaged in a discussion regarding the implications of politicized financial regulation on consumer credit and community development. Speaking to witnesses from various organizations, including the Center for Monetary and Financial Alternative Cato Institute, Consumer Bankers Association, Commonwealth Credit Union, and Unidos US, Rep. Luetkemeyer expressed his concerns.During the dialogue, Rep. Luetkemeyer raised a specific issue about the Federal Reserve Board's proposed Regulation II rulemaking and its...

  • Local Government

    Luetkemeyer Introduces the Secure Payments Act of 2024

    Congressman Blaine Luetkemeyer has introduced the Secure Payments Act of 2024, which aims to direct the Federal Reserve Board of Governors to conduct a thorough economic analysis of its proposed changes to Regulation II before finalizing the rule. Luetkemeyer emphasized the importance of understanding the impact on consumers, particularly regarding access to affordable debit accounts and the primary beneficiary of the interchange cap.Luetkemeyer expressed his concerns about the current state of Regulation II, stating, "Since its adoption, Reg II has proven to be a failure...

  • Local Government

    Rep. Luetkemeyer Criticizes CFPB Credit Card Late Fee Rule

    Today, Congressman Blaine Luetkemeyer (MO-03) voiced his concerns over the Consumer Financial Protection Bureau (CFPB) rule regarding credit card late fees. In response to the rule, Luetkemeyer criticized the Biden Administration's approach, accusing them of prioritizing campaign messaging over the well-being of working families.Luetkemeyer expressed his apprehensions about the implications of the rule, stating, “Like nearly every action taken by the CFPB under Rohit Chopra, this rulemaking will result in higher upfront costs for accessing credit and eliminate credit...

  • Local Government

    Luetkemeyer Sounds Alarm on AI Threat, Calls for Tools to Prevent Bank Runs

    In a recent House Financial Services Committee hearing, Congressman Blaine Luetkemeyer expressed his concerns about the potential for bank runs caused by artificial intelligence (AI). Luetkemeyer drew attention to his proposed legislation aimed at equipping banking regulators with the necessary tools to prevent such crises from devastating the broader banking system.During the hearing, Luetkemeyer, who serves on the China Select Committee, emphasized the potential vulnerability of the banking system to manipulation by AI technology. He stated, "It scares the heck out of...

  • Local Government

    Luetkemeyer Calls Out Bureaucrats for Failure to Punish Temu

    In a recent congressional hearing, Congressman Blaine Luetkemeyer confronted Treasury Undersecretary for Terrorism and Financial Intelligence (TFI) Brian E. Nelson over the agency's lack of action against Temu, a company linked to the Chinese Communist Party and known to support forced labor. Luetkemeyer raised concerns about Temu's use of slave labor to produce their products and questioned why the agency had not taken any action against them.During the hearing, Luetkemeyer asked Nelson about his duty to protect human rights. Nelson acknowledged this responsibility and...

  • Local Government

    Luetkemeyer Calls Out FinCEN for Targeting Law-Abiding Americans

    In a recent House Financial Services Committee Hearing, Congressman Blaine Luetkemeyer, chair of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions, expressed his concerns about the Financial Crimes Enforcement Network (FinCEN) targeting law-abiding Americans. During his opening remarks, Luetkemeyer acknowledged the importance of FinCEN's work in maintaining national security and countering criminal activities. However, he raised alarm over the agency's use of its broad authorities to target not only foreign assets but also...

  • Local Government

    Luetkemeyer Questions Sec. Yellen on AI Risk, Oversight

    Congressman Blaine Luetkemeyer has raised concerns about the lack of preparation by banking regulators for potential banking crises caused by artificial intelligence (AI). During a recent congressional hearing, Luetkemeyer questioned Treasury Secretary Janet Yellen about the oversight of banking models in the face of AI-related risks.Luetkemeyer highlighted the speed at which crises can unfold in the digital age, using the example of $42 billion being withdrawn from a bank within 10 hours due to a tweet and subsequent social media frenzy. He expressed concern that AI...

  • Local Government

    Luetkemeyer Responds to Passage of Tax Relief Bill

    Today, Congressman Blaine Luetkemeyer (MO-3) expressed his satisfaction with the successful passage of the Tax Relief for American Families and Workers Act. In a statement, he highlighted the positive aspects of the legislation and emphasized the need for support from the Senate.“House Republicans took a massive step toward extending President Trump’s tax plan from 2017. The Tax Relief for American Families and Workers Act encourages American innovation, supports small businesses, punishes China, gives back to families, and cracks down on fraud and waste,” said Rep....

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