{"id":2187830,"date":"2024-02-27T14:59:02","date_gmt":"2024-02-27T19:59:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/coalition-warns-against-giving-democratic-regulators-more-power\/"},"modified":"2024-02-27T15:10:52","modified_gmt":"2024-02-27T20:10:52","slug":"coalition-warns-against-giving-democratic-regulators-more-power","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/coalition-warns-against-giving-democratic-regulators-more-power\/","title":{"rendered":"Coalition cautions against empowering Democratic regulators further"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcoalition-warns-against-giving-democratic-regulators-more-power%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2187830&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>A Coalition of Republican Groups Calls for\u200b Rejection\u200d of Banking Legislation<\/h2>\n<p>A \u200bdiverse\u2062 coalition of Republican groups\u200d has come together to \u2062voice their opposition to proposed\u2064 banking legislation that would grant federal\u2064 regulators\u2062 expanded powers. These regulators have already shown a tendency to label \u200cterms like &#8220;Trump&#8221; and &#8220;MAGA&#8221; as extremist, as well as categorize customers of outdoors stores \u200clike Cabela&#8217;s in \u200dthe \u2064same way. Led by the Competitive Enterprise Institute, this coalition argues \u200bthat the proposed regulations, which are being \u2064touted as a means to regulate failing banks, go too far.<\/p>\n<p>The \u2062coalition&#8217;s main concerns revolve around the potential for federal officials to \u2064fire Republican executives and monitor the spending habits\u200c of \u200cindividuals who purchase guns, ammunition, and Bibles. They argue that this would \u2064give bureaucrats access to private data, enabling them \u2064to \u200dcreate \u2062dossiers and profiles of law-abiding\u2064 Americans who hold different political beliefs. The coalition&#8217;s letter, signed by 36\u200d groups \u2063and individuals including Americans for Tax\u200d Reform, Log Cabin\u2062 Republicans, FreedomWorks, \u200dand Gun Owners of \u2062America,\u200d emphasizes the dangers of \u200ballowing\u2063 bureaucrats to determine what pursuits \u200cand thoughts are &#8220;wrong.&#8221;<\/p>\n<h3>The Target: The RECOUP Act of 2023<\/h3>\n<p>The coalition&#8217;s primary target is the RECOUP Act\u200d of\u2064 2023, which was passed by the Senate Banking Committee but\u2063 has since been stalled \u200bin the \u2063House. This \u2063act would grant \u2062bank regulators significant new powers, including the ability to \u2062remove bank leadership for vaguely defined &#8220;risk\u2064 control&#8221;\u2064 failures. The coalition\u200d argues that \u200cthis could extend\u200d to simply doing business with industries\u200b that\u2062 are politically disfavored.<\/p>\n<p>While the legislation \u2062has\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ricky-gervais-buys-sustainable-vodka-brand-because-i-love-the-planet\/\" title=\"Ricky Gervais purchases eco-friendly vodka brand for his love of the planet\">garnered positive attention<\/a> for its provision allowing \u200bregulators to &#8220;recoup&#8221; money from highly paid bank \u200cexecutives in the event of failure, the coalition warns against the potential abuse \u2064of\u200b power\u200b by federal\u2062 regulators. They express \u200cconcerns that \u2062regulators could use their newfound authority\u200b to favor progressive businesses, such as\u2063 green \u200benergy, over industries like coal.<\/p>\n<h3>Concerns Over Federal Oversight and \u2062Targeting of Outdoors\u2064 Companies<\/h3>\n<p>The coalition\u200d shares concerns raised\u2064 by \u200bindustry \u2064officials\u2063 regarding the oversight of \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-biden-calls-for-harsher-penalties-on-banking-executives\/\" title=\"SVB collapse: Biden calls for harsher penalties on banking executives\">senior bank executives<\/a>\u2063 by federal regulators. They also highlight recent efforts \u200dby financial regulators to target credit firms that \u200bdo business with outdoors companies \u2062selling guns \u200dand ammunition, particularly those who may have supported former President Donald Trump.<\/p>\n<p>The coalition points to the House Judiciary Committee&#8217;s revelation that the Treasury Department&#8217;s Financial Crimes Enforcement Network (FinCEN) instructed banks \u2062to report random\u2062 information about purchases\u200b made at outdoor sporting stores\u200b and the use of terms like &#8220;Trump&#8221; and\u200c &#8220;MAGA&#8221;\u2064 in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/i-bought-a-bible-slingshot-and-sports-gear-so-im-probably-on-a-domestic-terrorist-watchlist\/\" title=\"Purchased Bible, Slingshot, and Sports Gear. Likely on 'Domestic Terrorist' Watchlist\">payment app messages<\/a>. FinCEN claimed that these seemingly innocuous purchases and word usage could be indicators of &#8220;extremism.&#8221;<\/p>\n<h3>A Call for\u200c Rejection of the RECOUP Act<\/h3>\n<p>In their\u200d concluding remarks, the coalition urges congressional leaders to reject the RECOUP\u2064 Act as a\u200b stand-alone bill or if it is added to other legislation. They argue that \u2063the act is fundamentally flawed\u200d and that expanding the powers\u200d of financial regulatory\u2064 agencies before addressing\u2064 these troubling \u2062issues would likely lead to further abuses of\u2063 power. The \u2064coalition also expresses concern about the act being added to a must-pass appropriations bill, which would\u200d prevent meaningful debate on \u2062its far-reaching\u2062 provisions.<\/p>\n<p> <\/p>\n<h2> How does the proposed legislation grant regulators unchecked authority to target and\u200c remove\u200d Republican executives?<\/h2>\n<p><span>  Legislation\u2063 would give regulators unchecked authority to target and remove Republican executives without\u2064 any clear\u2063 criteria or due process.<\/p>\n<p>Furthermore, the coalition is concerned about the potential for this legislation to\u2064 infringe on the privacy rights of American citizens. The \u200dexpanded powers granted \u2063to regulators could be used to monitor\u200b the financial transactions \u2062of individuals who purchase guns, ammunition, and Bibles, effectively creating a\u200c government watchlist \u2062based\u2063 on personal beliefs and preferences. \u200dThis encroachment on privacy is seen as a violation of personal freedoms and an overreach of government power.<\/p>\n<p>The coalition&#8217;s letter emphasizes the importance of protecting individual liberties and maintaining a free and fair\u200d market.\u2064 They argue that government interference in \u200dbanking and\u200d financial institutions should be limited to addressing systemic risks and ensuring stability, rather than giving regulators excessive \u200cpower to target specific individuals or political groups.<\/p>\n<h3>Protecting Freedom \u2063of Thought and Expression<\/h3>\n<p>This coalition of Republican groups is adamant in their defense \u200bof freedom of thought and expression. \u2062They argue that allowing \u2064regulators to determine what \u200bpursuits and thoughts are &#8220;wrong&#8221; sets a dangerous precedent for government\u200c control over individual beliefs and opinions. This potential infringement on First Amendment rights is seen as a threat to democracy and the principles upon\u2063 which the United States was founded.<\/p>\n<p>In conclusion,\u200b this diverse coalition of\u200d Republican groups is\u2063 united in their call for \u200bthe rejection of banking legislation that grants \u2062federal \u2062regulators expanded powers. They argue that such regulations would not only infringe on the privacy rights of American citizens but also enable government \u2063overreach and potentially target individuals based on their political beliefs. This coalition emphasizes the importance of maintaining personal\u2063 freedoms, protecting free \u2064markets,\u200d and upholding the principles of \u2063democracy that are fundamental to \u2062the American way of\u200b life.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Republican coalition, led by the Competitive Enterprise Institute, urged congressional leaders to reject banking legislation that empowers federal regulators viewing terms like &#8220;Trump&#8221; and &#8220;MAGA&#8221; as extremist. They also oppose regulators targeting customers of outdoors stores like Cabela&#8217;s. The coalition called for the legislation to be scrapped, citing concerns about expanded regulatory reach and power<\/p>\n","protected":false},"author":2647,"featured_media":2187831,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP22253821190282-scaled.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2187830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP22253821190282-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2187830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2647"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2187830"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2187830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2187831"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2187830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2187830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2187830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}