Rep. Weiner Announces Hearings on TV Gold Dealers
09.16.10
Rep. Weiner Announces Hearings on TV Gold Dealers
Washington DC – Today, Rep. Anthony Weiner (D – Queens & Brooklyn) announced a hearing of the Subcommittee on Commerce, Trade, and Consumer Protection to discuss legislation that would regulate gold-selling companies, an industry who’s relentless advertising is now staple of cable television.
Invitations to the hearing have been sent to representatives of Goldline International, the Federal Trade Commission, the Consumers Union and several other witnesses. The hearing is set to take place on September 23, 2010.
The announcement follows a report released in May by Rep. Weiner’s office which investigated the business practices of Goldline International, a precious metals dealer that uses aggressive sales tactics and conservative spokespeople like Fox News’ Glenn Beck to sell overpriced gold coins. Additionally, the Santa Monica City Attorney's office launched a joint investigation with the Los Angeles County District Attorney's office into the possible criminal practices of Goldline International. Goldline’s actions have also prompted a class action lawsuit, filed in South Carolina, against the company on behalf of customers who allege they have been ripped off.
Rep. Weiner, who sits on the House Subcommittee on Commerce, Trade and Consumer Protection is proposing legislation that would force Goldline and companies like it to fully disclose their dishonest business practices. Under Rep. Weiner’s bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold and would no longer be able to hide behind false promises of profitability.
more:
http://weiner.house.gov/news_display.aspx?id=1475http://www.rawstory.com/rs/2010/09/weiner-beck-goldline-probe/
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