Email from USAA, anyone heard of this bill?

[Balog]

I received this from USAA, and I must admit I have no idea what this bill is or what it seeks to do. Any thoughts? I will say it made me happy to see they took no TARP funds...

Rarely in our 87-year history have we turned to USAA members to weigh in with elected representatives on an issue of great importance. But, we are now.

The U.S. Senate currently is considering legislation (S.3217) that would impose new rules on the nation's financial services industry, including USAA.

As the leading provider of financial services to America's military community, USAA supports financial services reform.

However, the current Senate bill would disproportionally impact USAA because we are a unique and fully integrated association. USAA is not like the banks and other companies that helped bring down our economy, and we never took a penny of TARP funds. We do not engage in the harmful practices this legislation seeks to resolve.

If unchanged, the bill would:

    * Prevent USAA from managing the association's portfolio as we have for the past 87 years.
    * Jeopardize our ability to continue offering many of our competitive products.
    * Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards.*

So, we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the "Volcker Rule," to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member's investments.

Regardless of the outcome of the legislation, USAA will remain a unique and enduring association that's all about you — the military and their families.

Please take action on this matter by immediately contacting your U.S. senator. You may click here to access a special website that will enable you to quickly send an e-mail message to your senator.
Thank you for your help and support,
Joe Robles Signature
Josue (Joe) Robles Jr.
Major General, USA (Ret.)
President and CEO

[Headless Thompson Gunner]

I believe S.3217 is Chris Dodd's Wall Street reform bill.  It's the item currently on Congress's agenda.

[RevDisk]

I received this from USAA, and I must admit I have no idea what this bill is or what it seeks to do. Any thoughts? I will say it made me happy to see they took no TARP funds...

They want to do to the financials what Obamacare is doing to healthcare.

[nico]

chris dodd dealing with "financial reform" is about as credible as richard daley pledging to get rid of corruption in government 

[Headless Thompson Gunner]

Yep, Chris Dodd and Barney Frank are the primary cause of the current recession/depression.  (That's why I've used a pic of Frank asleep at the switch for my avatar of late, he's the closest I can come to putting a face on current events.)

Letting Chris Dodd reform Wall St is like letting the foxes redesign the hen-house.

[Scout26]

Having been a USAA member for 25 years now.  I've never seen or heard of USAA getting involved in politics or legislation at any point in those 25 years.

I take them at their word.

I'm already calling and e-mailing my congresscritters, but unfortunately my Senators are Turbin Durbin and Winnie the Burris.

Yes, yes I know.  No name calling in the "Many Blood Sucking Insects" Place, but given what these two have done to this country, I think that the shoe fits.....

[Leatherneck]

I responded to USAA's request, as did my bride. They haven't ever asked before in my 36 years with them...

TC