Obama's Economic Reforms Likely To Affect ID Fraud
On January 20, 2009, America will change. A new president will be sworn in, a Congress with a fortified Democratic majority will be in power and now President-elect Barack Obama will likely sign into law some very significant economic reforms within the first ten days of taking office.
Candidate Obama spoke often and eloquently about the dichotomy between Main Street and Wall Street, telling America that, while average Americans were responsible to some degree, Wall Street was largely to blame for our current economic downturn. Corporate America, he argued, took advantage of the Little Guy.
The solution, he argued? More government intervention.
As a result, many of the financial reforms for which he’ll soon be responsible will be under the umbrella of consumer protection laws. Consumer protections laws include those pertaining to identity theft, of course, and there are likely to be significant changes about which you should be aware.
First, Obama is likely to enact reforms that will require an increasingly foreign language- speaking population to be able to access all its paperwork (home loan documentation and especially release/consent forms) in its varying languages of origin. Since some have little idea about those documents they are signing, they are particularly susceptible to identity fraud. Moreover, because of the language hurdles they face, those who do ultimately get affected have a harder time addressing the issue. Sending the requisite letters detailing the problem and contacting the requisite bank and other authorities informing them of a compromised identity takes not only time but also English language skills. The longer the delay, the more damage can be done. Access to information in foreign languages will be key.
Second, privacy rights may tighten. Among the chief complaints lodged by the privacy lobby, one which has historically thought to be allied with those trying to reduce identity fraud, is that information is too easily accessible, particularly now with the advent of the internet. Obama’s reforms may include having the government force private companies and government agencies meet higher and harder standards of online (and physical) safety so as to prevent hacking and other unauthorized access of one’s financial records. Right now, intensely personal records detailing one’s income, payment history (of credit cards, mortgages and more) are fairly easily accessible. Incredulously, employees of banks and other financial institutions function mostly on the Honor System. Stealing and selling one’s social security number, for example, would be quite easy for your average teller. And with economic times as rough as they are, it’s not inconceivable that someone would resort to such a thing.
Eager to bring about massive, rapid change, President-elect Obama will likely soon sign into law major economic reforms due to the downward spiral we are currently facing. Some of the changes that will probably be enacted will affect your ability to protect your identity from an opportunistic identity thief. Stay tuned as the Obama Administration assumes power in a matter of days. How you do business with banks and credit cards may change substantially.
Comments
If he passes this bill it will destroy our economy. How many Mexican nationals will cross our border if they are included in this coverage. That's what this administration wants, and they will get it if they can. This bill should be posted for everyone to see before it gets to the desk to be signed. At least a week. Put it on the television for all to see just like The Obama channel they had during the elections.
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Without the blessing from the Federal Reserve, interest rates are bound to jump back to "normal" levels. Many experts are predicting unemployment and the overnight lending rate to normalize around 2011, so people looking for a fixed mortgage rates should probably try to secure one sooner rather than later.
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Obama repeatedly stressed that his number one priority was to slash spending on medical care, both by corporate America and by the federal government. At one point he declared that unless costs are reduced, Medicare and Medicaid will break the federal budget.
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Obama's reforms may include having the government force private companies and government agencies meet higher and harder standards of online(and physical) safety so as to prevent hacking and other unauthorized access of one's financial records.forex trading strategy
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Yes its correct he will protect our country from all threats. he is no a scam.
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I read this above discussion.This is from the Obama website that clearly states his agenda. Remove Incentives to Enter Illegally: Remove incentives to enter the country illegally by cracking down on employers who hire undocumented immigrants.Work with Mexico: Promote economic development in Mexico to decrease illegal immigration.
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Obama the Heartbeat of America not a scam.
Obama is the Heartbeat of America.
The only politician who is not a scam.
If You Don't Have Insurance, the Obama Health Care Plan:
* Creates a new insurance marketplace — the Exchange — that allows people without insurance and small businesses to compare plans and buy insurance at competitive prices.
* Provides new tax credits to help people buy insurance.
* Provides small businesses tax credits and affordable options for covering employees.
* Offers a public health insurance option to provide the uninsured and those who can't find affordable coverage with a real choice.
* Immediately offers new, low-cost coverage through a national "high risk" pool to protect people with preexisting conditions from financial ruin until the new Exchange is created.
Obama is the Heartbeat of America. Don't let others scam you into believing lies.
If You Have Health Insurance, the Obama Health Care Plan:
* Ends discrimination against people with pre-existing conditions.
* Limits premium discrimination based on gender and age.
* Prevents insurance companies from dropping coverage when people are sick and need it most.
* Caps out-of-pocket expenses so people don't go broke when they get sick.
* Eliminates extra charges for preventive care like mammograms, flu shots and diabetes tests to improve health and save money.
* Protects Medicare for seniors.
* Eliminates the "donut-hole" gap in coverage for prescription drugs.
I love Obama. Finally a presdent that insn't a scam. Obama is the new Heartbeat of America.
I love obama, he is the new Heartbeat of America. Finally a president that is not a scam!
If this Heartbeat of America doesn't fullfill his promise that I will have health insurance he will be known as just another scam to get votes on false promises. The clock is ticking Obsma.
Obama the Heartbeat of America will save this country from the damage that scam artist Bush did to this country. I am ready for changes. Bring it on Obama.
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My identity was stolen so i hope obama will address this soon, i know what a pain in the butt it is to deal with my biggest gripe is with the credit agencies, there should be a phone # that a person get on the phone with u and cuts off your credit and basically shuts u down til its resovled as it stands now, all u get is a bunch of confusing recordings then a bunch of confusing paperwork to with.
Bob, it's not simple like that. Remember that he don't take actions alone. Economic reforms are needed in some situations and can prevent things to get worse.
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He is going to spend us into a hole so deep we will never get out of it. Maybe you can pick up my share of the bill being you think it is OK for this guy to spend any amount of money he wants, along with a congress that passes his bills in less then 12 hours without reading the 1100 pages in the bill.
He is not proposing to spend $10 trillion dollars. That is or was the federal debt as of a few months ago. Including the unfunded liabilities, it's maybe $40 trillion.
Obama's proposal is about a trillion. To create all those AMERICAN jobs, it's probably worth it. replica rolex watches alan
many of the financial reforms for which he'll soon be responsible will be under the umbrella of consumer protection laws.Consumer protections laws include those pertaining to identity theft, of course and there are likely to be significant changes about which you should be aware..
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The US and its dependent Iraqi administration still hold tens of thousands of prisoners without trial; corruption and torture are rampant; the position of women has sharply deteriorated under US and British tutelage; and more than 4 million Iraqi refugees are still unable to return Toronto condo home - or vote in the less-than-free elections.There is no question that the US has suffered a strategic defeat in Iraq. Far from turning the country into a forward base for the transformation of the region on western lines, it became a global demonstration of the limits of American military power.
Actually Bill Clinton caused the mortgage crisis, 911 and all the other financial problems. He is the one that made forced Fannie Mae and Freddie Mac give mortgages to low income people with bad credit. Simple search "Bill Clinton low income mortgages", it will pretty much show you who is to blame. And lets not forget 911, we were attacked by Al queida several times while he was president, now we have to pay for a massive war effort to protect us because we had a pacifist president.
I dont even know what this has to do with identity theft, but it was in the original blog praising another president that is going to put us deeper in the hole, so have at it.
Thanks for info regarding Identity Theft. This is a huge issue in America, and I personally know someone who's been financially effected from having their identity stolen. I hope Obama steps up the Federal Government's involvement in Consumer Protection to protect the victims and harshly prosecute the criminals.
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Corey M.
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Identity theft prevention is still largely our responsibility. Locking mailboxes, shredders, keeping private information private, using intelligent passwords, etc. And of course careful monitoring of our credit to make sure no one has sneaked in to our financial lives. There's a really good article on monitoring here http://www.debthelp.com/kc/understanding-credit-monitoring-services.html
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Identity theft is not real!!!