Good morning everyone to my right is supervisor david chiu and id like to acknowledge staff today and i guess first before we begin colleagues is there a motion to excuse supervisor breed from the meeting today. All right without objection and madam clerk lisa miller are there any announcements you would like to make . Items acted upon today will appear on the agenda unless otherwise stated. Thank you and madam clerk can you please call item number one please. The schlage lock project. What we have before us today has been informed by an Extensive Community process the participation and feedback began over 13 years ago and weve had exactly 18 Public Meetings about this project everything from design principals and design controls as well as Community Public benefit. After the closure of the schlage lock factory to develop a plan for the reuse and revital ization and concluded with the adoption of a redevelopment plan zoning changes that detailed a master plan to help guide change on th
That actually gives businesses all the information that weve been able to put together so they can start to learn about how they compile their gross receipts. Youll see on this chart that weve actually partnered with oewd to do a number of outreach efforts to let folks know that this tax is coming, that they have to start paying the quarterly payments on it, and that they need to prepare their information for the filing that will come due at the end of the tax year in january and february of next year. Our only feedback is certainly across the board. There are plenty of folks who are, are challenged by the complexity of the tax, but were working with a lot of Tax Professionals who are working very closely with us in terms of giving us feedback on the law itself. The tax preparers, i honestly believe, understand the law, recognize its complexity and are working hard to be able to help the businesses in this city. But were going to have tens of thousands of businesses that will be filing
Laundering concerns. They are no longer dealing big banks are no longer dealing with Community Banks because of know your customer concerns. We would recommend to remedy this situation, a, we eliminate fsoc, a regulator composed of regulators. Its a huge redundancy and double jeopardy in the system. Eliminate ambiguities in the terminology and then finally to carve out some protections for the 99. 999 of all american businesses and Financial Institutions that have nothing to do with this regulation. To wrap it up in just a second. Two years ago i testified to this committee. I asked the question, when they business calls its bank for financial services, would anybody be there to answer the phone . We now know the answer to that. And the answer is yes. The Compliance Officer will be there, not the loan officer. Ladies and gentlemen, that is no way to run the best economy in the world. Again, chairman frank. Welcome back home. You are now recognized for your testimony. Thank you, mr. Cha
Before we begin colleagues is there a motion to excuse supervisor breed from the meeting today. All right without objection and madam clerk lisa miller are there any announcements you would like to make . Items acted upon today will appear on the agenda unless otherwise stated. Thank you and madam clerk can you please call item number one please. The schlage lock project. What we have before us today has been informed by an Extensive Community process the participation and feedback began over 13 years ago and weve had exactly 18 Public Meetings about this project everything from design principals and design controls as well as Community Public benefit. After the closure of the schlage lock factory to develop a plan for the reuse and revital ization and concluded with the adoption of a redevelopment plan zoning changes that detailed a master plan to help guide change on this particular site however with the demise of the Redevelopment Agency in early 2012 its required us to reassess and
Really, the mid h90s, it was people on our side that were trying to restrict these kind of loans, and we passed the Home Protection act and he wouldnt use it. The state of georgia passed laws to assist subprime lending abuses and the Bush Administration preempted it. Then i was working with brad miller and mel watt from the democratic side. We were trying to put regulation through to regulate subprime homes, and the public leadership shut it down. And on the day this committee wants democrats in control, again, to regulate subprime loans, it was over the objection of several members here who said subprime loans were good. And the wall street journal rejected it and said, these are good loans. 80 of them are paying on time, which didnt seem to me to be a great statistic. In fact, what happened was this. People on the conservative side were generally pushing these loans until the crisis hit. And then they needed an alternative victim villain to blame for the crisis. So they retroactively