Price Amendment Calls for Hearings on Questionable Credit Card Program

Price Amendment Calls for Hearings on Questionable Credit Card Program

Rep. Tom Price (GA-06-R) issued the following statement today after the Committee on Financial Services agreed to convene hearings regarding recently revealed banking programs that provide credit cards to illegal immigrants.

"These types of programs and policies are inexcusable," said Price. "In spite of the objections of the Chairman and Democrats, the Financial Services Committee will now have an integral role in bringing any and all means of review to this issue. I am pleased that many of my colleagues agree it deserves our due diligence.

"This issue is larger than just legislative oversight. Every corporate citizen has a duty to respect the spirit of the law in as much as they respect the letter of the law. If we continue to accept this legal loophole, we do nothing less than invite, endorse, and inflame the ongoing crisis of illegal immigration. Our current regulations in this area allocate an inappropriate level of flexibility to banking and financial institutions."

Price Amendment to the Views and Estimates of the Committee on Financial Services:

* The Committee is concerned that the flexibility of current regulations has allowed illegal immigrants to abuse the banking and lending system.
* The Committee will hold hearings and consider legislation to ensure such abuse does not continue.

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