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Have You Been Forced to Accept Money?

Recorded on May 25, 2012

From The Heritage Foundation, I'm Ernest Istook.

New federal regulations make it harder for women to get credit.

The flawed theory is that mortgage markets collapsed, taking banks down with them, because lenders victimized consumers by loaning them too much money.

But lenders were punished already because it's suicide for a bank to make bad loans.

Just the same, a new federal regulation says credit cards can only be granted to individuals who have income. That sounds reasonable until you consider a household where one parent works and the other stays home, usually the wife.

So that's how the feds are cracking down on giving women credit in their own name. Nobody wants federally-insured banks to fail from making too many bad loans. But common-sense recognizes that spouses usually share their income, and in those cases they could both be considered good credit risks.

From The Heritage Foundation, I'm Ernest Istook.