Shorting Stay at Home Moms on Credit
The Credit Card Act was supposed to rein in eeeevil financial institutions. Now that the Federal Reserve is proposing rules based on the legislation mandating consideration of independent income rather than household income as has been the norm, stay at home moms may have to have their spouses co-sign their card applications. TWS on the WSJ article. They go on:
This comes on the heels of another proposal by the Fed (subsequently tweaked), under which “retailers would have had to require customers to provide pay stubs and tax documents when applying for a credit card at the cash register.” Moreover, it’s par for the course. The Obama administration’s and Democratic congressional leaders’ preferred mode of legislating is to vest incredible amounts of quasi-legislative power in the hands of unelected officials (see Obamacare), who then proceed to issue legally binding “rules” that declare what Americans can or cannot do, nationwide.
Pretty archaic and demeaning. This stuff is making me mad.
Another unintended consequence of the Dems and Obama administration legislation–or was it intentional?
We know NOW and their ilk consider at home moms second class citizens. Now their allies are trying to implement it.
Rule-making without representation, another form of tyranny.
P.S. First Lady O receives no salary, perhaps she can take up this issue–if she can tear herself away from her latest vacation. Will she have to travel with her spouse next time?