The FDA Food Safety Modernization Act (S. 510) is on tap for a vote in the Senate later this week, but some local food advocates worry it could unfairly impact small farmers. The goal of the bill is to improve regulatory oversight of food production in order to prevent things like the recent salmonella egg and spinach outbreaks. Critics argue that the bill takes a one-size-fits-all approach and would burden small farms with new regulatons that are needed to address problems caused by big agribusiness companies. Below is a summary of the manager's amendment that will become the base text of the bill if a filibuster of beginning debate is defeated in the Senate this week:
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Under the financial reform bill that the Senate is currently debating (the Restoring Financial Stability Act of 2010), payday lenders would be subject to new regulations promulgated by the proposed Consumer Financial Protection Bureau to ensure that their services are "fair, transparent, and competitive." Depending on how aggressive the Bureau ends up being, the rules could severely limit the terms under which payday lends could do business.
But while the underlying bill isn't good for the payday loan industry, an amendment being proposed to it from Sen. Kay Hagan [D, NC] could be more damaging. It would ban payday lenders from giving out new loans to customers who have already taken out six payday loans or have been under loan obligations for more than 90 days in the past year.Read Full Article Comments (11)