Obama VETOES Big Banks' notarization sweetheart deal

by Geekesque  
Thu Oct 07, 2010 at 10:40:49 AM PDT

Is Elizabeth Warren's status as personal advisor to President Obama paying off?

It appears so.
Geekesque's diary :: ::

Why President Obama is Not Signing H.R. 3808
Posted by Dan Pfeiffer on October 07, 2010 at 01:15 PM EDT

Today, the White House announced that President Obama will not sign H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, and will return the bill to the House of Representatives. The Interstate Recognition of Notarizations Act of 2010 was designed to remove impediments to interstate commerce. While we share this goal, we believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized.

Notarizations are important for a large range of documents, including financial documents. As the President has made clear, consumer financial protections are incredibly important, and he has made this one of his top priorities, including signing into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act. That is why we need to think through the intended and unintended consequences of this bill on consumer protections, especially in light of the recent developments with mortgage processors.

The authors of this bill no doubt had the best intentions in mind when trying to remove impediments to interstate commerce. We will work with them and other leaders in Congress to explore the best ways to achieve this goal going forward.

Congress received a failing grade on this assignment, and must repeat the class.

It's unclear whether this is a straightforward veto or a pocket veto. The statement says he "will return the to the House of Representatives."