When are the clowns suppose to write the new regulations?

sean1 · Oct 19, 2006

My read on neteller is once the regulations are drafted they are bye bye if the regulations include money transfer systems or their banks say stop...

Anyone know when the Fed is expected to draft up these laws? Can we count on it being after Jan 1st?

Last I read the Federal Reserve Chairman basically said this would be impossible to enact, so I don't think he's in any hurry.

Anyone know?

Might as well get 3 or 4 more months out of neteller if possible.

Sean

WildBill · Oct 19, 2006

They don't have a budget until Jan 1 to do it. Knowing our wonderful government if the deadline is around Sept 30 (270 days right?), then we should expect regulations out no earlier than Sept 29.

da1prophet · Oct 19, 2006

WildBill said:
They don't have a budget until Jan 1 to do it. Knowing our wonderful government if the deadline is around Sept 30 (270 days right?), then we should expect regulations out no earlier than Sept 29.

If at all...its not uncommon for mandates to never go into effect because the specific regulatory guidelines are never written.

Fed Chairman Ben Bernanke has been complaining about too many regulations on the banking industry in the past couple of days. Hopefully his backing will give the industry the stones to tell the government that there's nothing they can do...

sean1 · Oct 19, 2006

There will be no more information for neteller to go on till they write these, correct?

Sugarbear · Oct 20, 2006

Its July sometime Bill. A law becomes effective the day its signed. Clock is ticking now. Take out weekends and holidays and it puts you in the third week of. Budget starts Jan 3rd.

Does anyone know when those natioanl ID cards are supposed to come out?
Does anyone even know why I would ask?

Political people?

sean1 · Oct 20, 2006

Why would you ask?

Woody0 · Oct 20, 2006

Sugarbear said:
Does anyone know when those natioanl ID cards are supposed to come out?
Does anyone even know why I would ask?

Political people?

According to our news this week your policy has been set.

The id card will enable US citizens to cross the US-Canada border and I think the current implementation is Jan 1, 2007 for air travel and Jan 1, 2008 for the land border. Policy is that the card itself will have no photo id but will provide electronic access to a database that includes a picture.

Once you are all required to carry one at all times within the US I think the land of the free will have been effectively converted to a police state. Funny how Osama's biggest ally has been George Bush.

sportsFan · Oct 20, 2006

WildBill said:
They don't have a budget until Jan 1 to do it. Knowing our wonderful government if the deadline is around Sept 30 (270 days right?), then we should expect regulations out no earlier than Sept 29.

Sugarbear · Oct 20, 2006

I was going to post the story on the ID problem but the link to the main strory wont follow. It sums up exactly what the Feds are up against in trying to enforce this law. Sorry.

Woody0 · Oct 20, 2006

Here's a link to the border id issue. It's more relevant to Canadians since about 90% of us live within 50 miles of the border. It's the current situation although the report is over 4 months old.

http://www.cbc.ca/news/background/borders/

Woody0 · Oct 20, 2006

...and here is the policy I referred to.

A RFID tag links to a government database. So besides border crossings they will be able to track your every move, without your knowledge, wherever detector stations are in place and keep a computer log. Of course they will not use it like that to spy on you since you can trust the government, eh! After all, have they ever spied on your personal life?

http://www.thestar.com/NASApp/cs/Co...le&cid=1161121813542&call_pageid=968332188774