Our motto at High Risk Holdings LLC is that "proud to be one of the most progressive merchant providers in the card-not-present environment." Through collaboration and consulting, we are keen in understanding that different merchants have varying payment method needs, whether its credit card payments, AHA postings, or new solutions. The Dodd-Frank reforms impacted our participation in the financial industry throughout the mortgage and banking crisis of the early aughts. As with all legislation, bills introduced in The House and Senate frequently undergo amendments. In this case, not every financial circumstance that has not yet occurred be anticipated in the Dodd-Frank legislation. The new presidency and Republican majority tremendously benefits how our vendors and our business operates.
NPR reported here that The Financial Choice Act, sponsored by Jeb Henslaring (R-Texas), passed The House and is making its rounds to The Senate. According to NPR's analysis, a key component of the bill that impacts the payment process industry and High Risk Holding LLC directly, is "repealing the so-called Volcker Rule, which prevents government-insured banks from making risky bets with investments." Since we work in industries ranging from adult businesses to internet art sales to online gambling, the Volcker Rule impedes our potential investors. That element of the Dodd-Frank Act attempted to moralize commercial industries, at the expense of individuals who work in those industries and banks that wanted more business with them. Effectually, it hampered our business because of societal bias and made these ventures more high risk without economically-friendly laws.
A piece of legislature, though crafted in response to the fallout of US subprime mortgage sales, over-extended its authority in refusing to allow government-insured banks to participate in so-called high risk ventures. First of all, it is an opinion as to what constitutes a high risk operation and has moral implications. Secondly, high risk industries become less risky with government-insured banks, the big banks, becoming involved. Lastly, Dodd-Frank assumed that high risk companies have no protections for their investors, but our company has fraud protections. We look forward to expanding our business without unfounded moralizing from Washington.