Richard John “Rick” Santorum (born May 10, 1958) is a lawyer and a former United States Senator from the commonwealth of Pennsylvania. He is currently seeking the nomination for the Republican candidate for the President of the United States.
PATRIOT ACT: This Senator voted YES after 9/11 for counter-terrorism efforts which expands the reach of government to bypass our individual rights. This bill created the single largest infringement on our right to privacy as Americans permitting wiretaps within the United States without a search warrant if we make a call outside the usa, giving the government access to American companies client information, including medical records for anyone in the world, the list of infringements goes on and on regarding this over-reaching bill. For a time, the USA PATRIOT Act allowed for agents to undertake “sneak and peek” searches.
To deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and for other purposes. http://www.govtrack.us/congress/bill.xpd?bill=h107-3162
BANK DEREGULATION: This Senator voted YES on S.900 which was made into law October of 1999. The was a bipartisan bill, and received millions in bank lobbyists money to achieve. In fact, it passed with so many votes, even it had been vetoed by the President, it could have just done another vote to override the veto because it was ‘veto proof’.
What this bill did was permit other industries to own our banks, and it permitted our banks to own other industries. This allowed banks to co-mingle our money in the banks with riskier industries, such as credit cards and insurance, and we all know when it happened. The birth of the credit/debit card rapidly was done by all.
Many claimed the CRA (Community Reinvestment Act) created the bubble, but it is not true. The banks were not permitted to be deregulated in the S.900 unless they became CRA certified. CRA had been around since the 70′s, and more done in the mid 90′s to no avail. The banks simply would not take the risks associated in becoming CRA certified until the carrot of becoming deregulated was dangled in front of them.
An Act to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, and other financial service providers, and for other purposes. http://www.govtrack.us/congress/bill.xpd?bill=s106-900
Furthermore, this Senator later voted in December for the bill to permit mortgages to be securitized, allowing mortgages to be sold on the future’s market while the bank keeps administrative rights as Mortgage Service Providers. This vote was an oral vote, unanimous.
(Sec. 1208) Amends the Federal Deposit Insurance Corporation Improvement Act of 1991
to increase from 90 percent to 100 percent of fair market value the permissible evaluation of readily marketable purchased mortgage servicing rights that may be included in calculating an insured depository institution’s tangible capital, risk-based capital, or leverage limit, if the Federal regulatory agencies jointly find that such an increase will not adversely affect the deposit insurance funds or the safety and soundness of insured depository institutions. http://www.govtrack.us/congress/bill.xpd?bill=h106-5640