Some medical and health care trade associations are voicing concerns over the Senate legislation to regulate the nation’s financial industry, according to The Hill newspaper.
Currently, the Senate is considering S. 3217, legislation to regulate financial transactions through a new Consumer Financial Protection Agency (CFPA) and an expanded Federal Trade Commission. The concern is that the legislation seemingly allows oversight by the CFPA of any business that permits payments to be made in four or more installments. The American Dental Association (ADA) notes that a 2009 survey shows roughly half of dentists allow payments in installments over a few months.
“This would not be a good thing to be included in the CFPA, in our opinion, because it really is intended for financial institutions,” ADA managing director of government affairs Michael Graham told The Hill. House Small Business Chair Rep. Nydia Velazquez (NY-13) expressed the same concern to Senate Banking Chairman Chris Dodd (D-CT) that many small businesses not engaged in financial transactions could be over regulated by the new agency.
The White House and Senate Democratic leaders have said that dentists and other medical professionals do not fall under the purview of the bill. The Senate Banking Committee’s report notes that merchants and retailers not “significantly” engaged in offering financial products would be exempt from the bill. However, Velazquez and others are concerned that there is no specific legislative language saying the same.