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Ensign Amendment Is A Win For Nevada
May 20, 2010 – Washington, D.C. – Senator John Ensign last night passed an amendment through the Senate that will protect Nevada casinos and businesses from the overreaching arm of a new government bureaucracy that is created in the financial reform bill, the Consumer Financial Protection Bureau (CFPB).
“Our state is still reeling from the economic hit that we took a few years ago,” said Ensign. “Signs of improvement in our economy have yet to be seen, and business in our state cannot afford for the government to step in with more heavy-handed regulation. My amendment will ensure that casinos in Nevada and businesses that offer flexible payment options for their customers will not be subject to the new rules of the CFPB.”
“Senator Ensign brought this matter to our attention out of concern for what the proposed new powers and authority of the Consumer Financial Protection Bureau would mean for the gaming industry,” said Steve Wynn, Chairman of Wynn Resorts, Limited. “Senator Ensign’s amendment will spare our industry from unnecessary new federal regulations. We truly appreciate his work on our behalf.”
“The American Gaming Association is supportive of Senator Ensign’s amendment to protect Nevada gaming in the financial reform bill, and sincerely appreciate his leadership on the issue,” said Frank Fahrenkopf, Jr., President and CEO of AGA.
Senator Ensign’s amendment now protect sellers of non-financial products and services, whose customers have agreed to repay their loans in more than four installments, from the imposing reach of the CFPB.
This is a provision that is helpful for small business across our country, colleges and universities, and casinos, among others.”
Wall Street Journal today reported on the importance of Senator Ensign’s amendment.
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