An executive order issued this week bans federal employees from texting while driving when using government vehicles or phones, or while on government business. Given the safety risks of texting while driving, we think this was a good move, and hope that it extends to the general population. Take our poll and tell us what you think, inside.
regulation
Congress Seeks To Move Up Credit Card Act Implementation To December 1st
By 9.24.09
Today, Reps. Barney Frank and Carolyn Maloney are going to request that the implementation date for the rest of the Credit Card Act‘s rules be moved to December 1st of this year instead of February 2010, after seeing companies “jacking up their rates and doing other things to their customers in advance of the effective date” all summer, reports Mary Pilon at The Wall Street Journal.
FDA Banned Flavored Cigs, But Not Menthols. Why?
By 9.23.09
Back in June we noted that the FDA was about to get a lot more say over the tobacco industry if the Senate approved a new bill. Well they did, and so yesterday the FDA flexed its new muscles by banning fruit, herb, spice, and candy flavorings from cigarettes. That’s right: clove cigarettes were just banned by the FDA, which is bad news for gothy teens and great news for everyone else.
Welcome To The New Gilded Age, Fueled By Your Money
By 9.11.09
Remember all of those banks that were “too big to fail” and had to be bailed out? Newsweek’s Niall Ferguson is out with a report today pointing out that a year after the collapse of Lehman Brothers signaled the start of the bailout boom, they’re still big, and thanks to the safety net you tossed them, they’re “back to making serious money and paying million-dollar bonuses. Meanwhile, every month, hundreds of thousands of ordinary Americans face foreclosure or unemployment because of a crisis caused by … a few Wall Street giants.”
Chamber Of Commerce Attacks Proposed Consumer Financial Protection Agency
By 9.10.09
Maybe you forgot about the proposed Consumer Financial Protection Agency in all the health care sound and fury, but it’s still out there, and financial companies are still very much against it. Now the U.S. Chamber of Commerce is launching an ad campaign that shifts the focus from credit card companies to smaller businesses that they insist will be affected, although the scope of the proposed agency is still kind of unclear.
Marketers Announce They Will Bring More Transparency To Personal Data Collection By 2010
By 7.3.09
Several major advertising trade groups announced yesterday that starting in 2010, they will implement a new set of self-imposed guidelines on how they collect and use your personal info, in an attempt to prevent the government from handing down federal regulations.
Be Your Own Financial Regulator
By 6.26.09
Any sort of federal agency to protect consumers from abuse from the financial industry is months, or possibly years, away, notes Linda Stern of Reuters. That’s why you shouldn’t depend on such an agency to protect you in the meantime. In fact, you can take her advice and use it no matter what happens at the federal level.
Yahoo! Still Exists, Says Internets Are Safer Than They Used To Be
By 6.26.09
A Congressional panel is looking into drafting new online privacy laws, but Yahoo says such legislation isn’t necessary because the e-industry has done such a bang-up job of regulating itself.
Obama To Call For Financial Watchdog Agency
By 6.16.09 — Updated: 2.24.17
Tomorrow, President Obama is expected to call for the creation of a new watchdog agency that would help protect consumers from abusive credit card, mortgage, banking practices. The banking industry is not happy about the idea, reports CNN. But hey, they’re just looking out for us: “It’s bad for consumers,” a banking industry lobbyist told the network. Oh, well, never mind then, and pass me some more delicious subprime!
BP Points Out Their Gas Same Price Whether Cash Or Credit
By 6.9.09
Spotted this sign on a Brooklyn BP gas pump last night, taking pains to point out that they are charging customers the same price whether they use cash or credit. Interesting, because last year around this time we ran a few stories about gas stations who doing the opposite. The thing is, credit card companies charge merchants various transaction fees to process the cards. If retailers can’t assess those fees to the customers who actually incur them, the business has to raise prices on everything for everyone.
If Legislation Passes, The FDA May Soon Regulate Cigarettes
By 6.8.09
The New York Times is reporting that Richard M. Burr, the “tobacco-state senator who tried a filibuster this week against a bill that would allow the Food and Drug Administration to regulate the cigarette industry” has apparently given up, clearing the way for the bill to pass the Senate. A similar bill has already passed the House and Obama says he will sign the legislation.
Stephen Colbert Supports Payday Lending, So You Probably Should Too
By 4.17.09
Chicago Democrat Luis Gutierrez introduced a bill last month that supposedly reforms out of control payday lending, where interest rates can exceed 300%, but actually gives payday lenders the freedom to charge annual interest rates that can exceed, um, 300%. It doesn’t sound like much of a reform, and in fact Gutierrez has been heavily funded by the payday lending lobby. But luckily for you and me, Stephen Colbert explains why this is all a good thing.
After Decade-Long Delay, House Tells FDA To Regulate Tobacco
By 4.4.09
The House this week voted to empower the FDA to regulate tobacco, just in case people still smoke even after new taxes push the cost of cigarettes to over $9 per pack and the recession bankrupts everyone. Under the measure, which passed 298-112, the FDA would be able to set nicotine levels, control cigarette advertising, and require companies to provide a full list of cigarette ingredients. As usual, the killjoys in the Senate may force the House to smoke a light version of the cigarette bill…
Why Is The AIG Bailout Money Being Given To Banks?
By 3.9.09
The Wall Street Journal recently unleashed a wave of anger by reporting that much of the $173 billion given to nationalized insurer AIG went to banks — including billions to European institutions like Societe Generale and Barclays.
How Unscrupulous Food Manufacturers Manipulate Lab Tests
By 1.29.09
In yesterday’s Peanut Corp. post, our commenter microguy07828 left a detailed explanation of how food manufacturers sometimes play dirty when it comes to getting the lab results they want on a product. We though it deserved more visibility in light of yesterday’s accusation that the Peanut Corp. of America knowingly shipped tainted peanut butter. As microguy07828 puts it, it “happens more often than you would think.”
Drug Makers Say Goodbye To Swag In 2009
By 12.31.08
Beginning tomorrow morning, drug companies will stop peppering doctors’ offices with branded pens, bandages, tongue depressors, stethoscopes, calipers, mugs, prescription pads, soap dispensers, and t-shirts.
Greenspan Says That His Free-Market Ideology Was Flawed
By 10.23.08
Here’s something that probably doesn’t happen too often. Former Federal Reserve chairman Alan Greenspan had a crappier day than you did. He had to admit before our federal government that his free-market, anti-regulation ideology was “flawed.” Ouch.
AIG Was Spending Taxpayer Money Lobbying Against Mortgage Regulation
By 10.21.08
AIG apparently spends a pretty significant chunk of cash lobbying politicians, says the WSJ, a practice they’re being forced to abandon as they come under more scrutiny from lawmakers.
