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An Open Letter to Senators Warner and Webb

Dear Senators Mark Warner and Jim Webb,

I am a business person as Senator Warner was.  And like both the Senators, I am active in issues surrounding our nation and our future.

As the owner of a mortgage brokerage for the past 18 years nothing disturbs me as much as the implementation of the Frank-Dodd bill by the Federal Reserve Board.  It is a crushing new regiment designed to smother small business, eliminate them as competition and further consolidate the remaining power in the hands of 4 or 5 large banks.

This comes at a fragile time for our economy when you and our President are trying to grow jobs and bring stability to the market.  This action by the privately owned Federal Reserve further exacerbates the problem and will lead to reduced competition in the marketplace further harming consumers.

In the recent rule the Fed EXPLICITLY acknowledges in plain English that they are aware that this rule will most likely drive small businesses from this industry (i.e. brokers).

Senator Warner, you are a former businessman unlike many of your fellow colleagues who come from the legal profession where each party is represented.  I believe that this is a concerted move by the financial industry to eliminate any representation of the borrower in financial dealings with banks.

Plaintiffs and defendants are represented.  Even buyers and sellers in real estate transactions operate under clearly defined agency law.  Fiduciary responsibilities are known and abided by.   In what is perhaps the largest transaction that most consumers will make in their lifetimes they are left without representation, facing an adversary who does not have to disclose the full fees that they will receive for the mortgage loan created.

If you value a free and open marketplace, if you value the American spirit of small business, if you value competition in the marketplace that will benefit consumers then you and all Americans must join with the National Association of Independent Housing Professionals (NAIMP) and the National Association of Mortgage Brokers (NAMB) to stop this travesty now.

Yours Truly,
Stephen A Myers

 

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4 Responses to An Open Letter to Senators Warner and Webb

  1. Right on target. The obvious goal of the current administration is to turn this Country into a socialist nation where more and more of what were once personal decisions are being mandated by “big brother”. If small business doesn’t unite, we will be run over by this freedom killing machine.

    • Dan, thanks for your insights. I, too feel small business must unite to protect itself and create a level playing field for all willing competitors.
      I know how you feel about the current administration. In this specific case it is a privately owned bank, the Federal Reserve that is overstepping their boundaries and seeking to eliminate competition for it’s largest banking members.

  2. Steve,
    Thanks, keep up the good work, one by one we can change things. My prayers are with Japan and the global markets and their impact.

    Bless you,
    Jim

    • Jim, thank you for your kind comments. With support from each other we can make a difference, we can make our world a better place.
      It is an unreal tragedy in Japan. They are showing formidable resolve as they go about the business of putting their lives back together. Our thoughts and prayers are with them.

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