Senate adopts Booher resolution urging Congress to ensure new rules do not result in increased fees

 

LANSING –- The state Senate adopted today Senate Resolution 14, sponsored by Sen. Darwin Booher, encouraging Congress to slow down or stop proposed rules that may negatively impact customers of Michigan community banks and credit unions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires the Federal Reserve to issue debit interchange fees rules by April 2011.  The reserve proposed rules in December, which are scheduled for a hearing by the U.S. House Financial Services Committee on Feb. 17.

“I sponsored this resolution to send a strong message to Congress: Stop any rules from being adopted that would harm our community banks, credit unions and the millions of Michigan consumers that use them,” said  Booher, R-Evart. “As currently proposed, the rules would force credit unions and community banks to absorb the costs of fraud and data security.  That would result in less credit available for job providers, increased fees and the ending of popular services like free checking.”

SR 14 was adopted unanimously and asks Congress to slow down or stop the Federal Reserve from adopting the proposed rules until the concerns are addressed.

“It would be shameful if Michigan families and job providers end up paying the price of an irresponsible federal rule,” said Booher, chair the Michigan Senate Banking and Financial Institutions Committee. “Access to credit is critical for small businesses that create more than 70 percent of Michigan jobs. With more than 40 years of experience as a banker in the private sector, I know that hurting an institution’s ability to lend capital is bad for the economy. I hope Congress will do the right thing and ensure consumers are protected.” 

An identical measure, House Resolution 21, was recently taken up by the House Banking and Financial Service Committee with the support of the Michigan Credit Union League, Michigan Association of Community Bankers and the Michigan Bankers Association.

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Editor’s Note: A photograph of Booher discussing his resolution as chair of the Senate Banking and Financial Institutions Committee is available at:
http://www.MISenateGOP.com/senators/photowire.asp?District=35

Senate adopts Booher resolution urging Congress to ensure new rules do not result in increased fees

 

LANSING –- The state Senate adopted today Senate Resolution 14, sponsored by Sen. Darwin Booher, encouraging Congress to slow down or stop proposed rules that may negatively impact customers of Michigan community banks and credit unions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires the Federal Reserve to issue debit interchange fees rules by April 2011.  The reserve proposed rules in December, which are scheduled for a hearing by the U.S. House Financial Services Committee on Feb. 17.

“I sponsored this resolution to send a strong message to Congress: Stop any rules from being adopted that would harm our community banks, credit unions and the millions of Michigan consumers that use them,” said  Booher, R-Evart. “As currently proposed, the rules would force credit unions and community banks to absorb the costs of fraud and data security.  That would result in less credit available for job providers, increased fees and the ending of popular services like free checking.”

SR 14 was adopted unanimously and asks Congress to slow down or stop the Federal Reserve from adopting the proposed rules until the concerns are addressed.

“It would be shameful if Michigan families and job providers end up paying the price of an irresponsible federal rule,” said Booher, chair the Michigan Senate Banking and Financial Institutions Committee. “Access to credit is critical for small businesses that create more than 70 percent of Michigan jobs. With more than 40 years of experience as a banker in the private sector, I know that hurting an institution’s ability to lend capital is bad for the economy. I hope Congress will do the right thing and ensure consumers are protected.” 

An identical measure, House Resolution 21, was recently taken up by the House Banking and Financial Service Committee with the support of the Michigan Credit Union League, Michigan Association of Community Bankers and the Michigan Bankers Association.

###

Editor’s Note: A photograph of Booher discussing his resolution as chair of the Senate Banking and Financial Institutions Committee is available at:
http://www.MISenateGOP.com/senators/photowire.asp?District=35

Booher and Rendon announce MDOT grant for work on Old 27

 

LANSING – Sen. Darwin Booher and Rep. Bruce Rendon announced today that the Michigan Department of Transportation has awarded a grant for work on Old 27 in Roscommon County.

“I am glad that Roscommon County has been selected for a Transportation Economic Development Fund grant, because that is what it is – economic development,” said Booher, R-Evart.  “To grow our economy and create jobs, we must attract businesses to northern Michigan.  A key part of that is maintaining our infrastructure.”

A fiscal year 2012 Transportation Economic Development Fund Category F grant has been awarded to the Roscommon County Road Commission for work on Old 27 (North Harrison Road) from M-55 to Bradford Drive. The grant is for actual construction costs up to $375,000.

“Given our current economic constraints, I am pleased that the citizens of Roscommon County will be able to benefit from this grant program,” said Rendon, R-Lake City. “Grant No. 566 will offer a needed reprieve for our already constrained local governments.”

Category F grants are competitive grants made to eligible road agencies in order to preserve and/or expand all-season road network within the urban areas of rural counties.