• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

Far left wants to crush PayPal, Zelle and you can take that to the bank

by August 28, 2024
written by August 28, 2024

Many Americans were surprised to recently see a coalition of the country’s most radical politicians — Sen. Elizabeth Warren, D-Mass., Rep Maxine Waters, D-Calif., and Sen. Richard Blumentha l, D-Conn., to name a few — teaming up to introduce heavy-handed legislation against the peer-to-peer payment companies (like PayPal, Venmo, Zelle and CashApp) that have improved all our lives. Blumenthal even went so far as to dispatch a separate letter to the head of the Consumer Financial Protection Bureau (CFPB) demanding an investigation into Zelle.   

I wasn’t surprised to see any of these developments. When I served on the U.S. Congress’ Financial Services Committee, including its Subcommittee on Financial Institutions and Consumer Credit, I can’t tell you how many times I witnessed my Democratic colleagues attempt to directly or indirectly knife these upstart payment processors.  

Most Americans know that big-government politicians have long had a vendetta against Bitcoin and today’s other cryptocurrencies. They, of course, view them as competition to the hegemony of the U.S. dollar, which the radical left relies upon to fund its reckless spending priorities. These progressive politicians see regulating these private marketplace options and ultimately replacing them with a government-run cryptocurrency as the only sustainable path forward. 

However, fewer Americans are aware that these same big-government politicians have also had it out for PayPal, Venmo and the rest of the peer-to-peer payment processors for quite some time now — and for quite the same reasons. 

The Biden administration brass, especially CFPB Director Rohit Chopra, have fought aggressively to convince the American people to stop using PayPal, Zelle and the like as ‘substitutes for a traditional bank or credit union account,’ — which they laughingly contend present safety concerns. But their pleas haven’t fooled the American people, millions of whom continue using these new financial tools every day.  

Which brings us back to the legislation introduced in July. Left with no other options to get their way other than government coercion, the administration handed the ball off to its favorite relief pitchers in Congress — Warren, Waters and Blumenthal — to reshape the nation’s laws in their favor. 

The resulting new bill that this left-wing cabal released, the Protecting Consumers from Payment Scams Act, would put peer-to-peer payment processors on the hook for every single instance of scamming that occurs on their platform. Meaning that every time an American gets fooled by a bad actor into sending money for nonexistent goods and services, these companies would have to pick up the tab. 

However, fewer Americans are aware that these same big-government politicians have also had it out for PayPal, Venmo and the rest of the peer-to-peer payment processors for quite some time now — and for quite the same reasons. 

The legislation’s sponsors claim this bill is necessary to protect public safety, but everyone knows this argument is completely nonsensical. Scams don’t even comprise a single percentage point of the transactions on these platforms. 

Do consumers sometimes make mistakes? Sure, but these errors are not the result of security flaws on these apps.  

The mistakes that consumers make on PayPal and Zelle are no different than when members of the citizenry occasionally send bank wire transfers to scammers, but you don’t hear the Biden administration or its congressional relief pitchers calling for the banks to pick up these tabs. Why is that?  

Well, it’s because their goal for their anti-PayPal and Zelle legislation isn’t actually to protect the public.  

The true purpose behind the bill is two-fold: to make it increasingly financially difficult for these companies to continue operating, and to generate negative press against their businesses in hopes of shrinking their massive user bases. 

The American people won’t fall for their scare tactics, and the rest of Congress won’t either. I fully expect the Republican-led House Financial Services Committee to kill this bill before it receives even a few breaths of oxygen. Millions of everyday Americans will stand to benefit. 

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
NFL owners vote in favor of private equity investment
next post
Experts warn AI could generate ‘major epidemics or even pandemics’ — but how soon?

related articles

Trump denounces court’s ‘political’ tariff decision, calls on...

May 30, 2025

President Trump teases ‘last day, but not really’...

May 30, 2025

State Dept says DOGE’s changes will be permanent...

May 30, 2025

Jill Biden should have to answer for ‘cover...

May 29, 2025

DOGE staffing shakeup as Elon Musk hangs up...

May 29, 2025

Hawley urges DOJ probe of Chinese trucking company

May 29, 2025

Less than half of DOGE-terminated contracts can be...

May 29, 2025

Flashback: Top five wildest moments from Elon Musk’s...

May 29, 2025

Sen Ron Johnson suggests he may not run...

May 29, 2025

Justice Department tells American Bar Association it will...

May 29, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Texas Instruments faces investor scrutiny amid high capex spending: What to expect in Q2 earnings

    July 23, 2024
  • Judge blocks parts of Trump executive orders targeting DEI, citing free speech

    February 22, 2025
  • Trump tasks blue state Republicans with ‘homework’ as GOP plots massive conservative policy overhaul

    January 13, 2025
  • Elon Musk slated to speak at Trump pre-inauguration rally: report

    January 17, 2025
  • Delta Airlines cancellations and delays continue but worst of IT outage impact is over, CEO says

    July 25, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,723)
  • Investing (624)
  • Stock (773)

Latest Posts

  • Americans witnessing crippling federal regulations can go directly to DOGE to report red tape rule

    April 13, 2025
  • ‘Blatantly unconstitutional’: US judge temporarily blocks Trump’s ban on birthright citizenship

    January 23, 2025
  • Biden’s vax-focused COVID-19 website obliterated by White House, replaced with ‘true origins’ virus guide

    April 18, 2025

Recent Posts

  • Voters want more US involvement on world stage despite isolationist talk, Ronald Reagan Institute survey finds

    December 5, 2024
  • JD Vance, others say Biden should resign presidency if he drops out of the race

    July 20, 2024
  • Kamala Harris campaign aide admits she never surpassed Trump in internal polls

    November 27, 2024

Editor’s Pick

  • Mike Johnson reveals where House stands as GOP fights to keep majority after Trump win

    November 6, 2024
  • Rubio named acting director of another US government agency: report

    February 6, 2025
  • Spanish startup Playtomic aces funding round, reaching $273M valuation

    March 19, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock