The Subcommittee on Commerce, Trade, and Consumer Protection, part of the House Committee on Energy and Commerce, will hold a hearing on .R. 6149, the “Precious Coins and Bullion Disclosure Act” – and in case that makes you think of prominent Glenn Beck advertiser Goldline, your thinking is entirely straight.
The hearing is on the schedule for Thursday 9/23/10.
The subcommittee is under the gavel of Bobby Rush (D-IL), but the prime mover behind the bill is subcommittee member Anthony Weiner (D-NY), who indicated that current and former Goldline employees are among those who have been invited to testify. As of noon 9/17/10, the bill has not yet been received by the firm that posts pending legislation for Congress.
Weiner’s House website included a post that said the he “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.
“The frenzied marketplace has become rife with scam artists ready and willing to take advantage of consumers,” said Weiner. “The sole purpose of this proposed legislation is to protect consumers from being ripped off.”
A study produced by Weiner was detailed in an RBR-TVBR story posted 5/19/10. It’s available here:
As detailed in the story, Beck may be the media spokesperson most frequently tied to Goldline, but he is hardly the only one. Weiner’s report also listed Fred Thompson, Dennis Miller, Mark Levin, Laura Ingraham, Lars Larson, Michael Smerconish, Monica Crowley and Mike Huckabee.
ABC gave Gold Line a chance to discuss the matter on its“Good Morning America.” According to ABC, “Goldline executive vice president Scott Carter responded to allegations that his company has made a fortune by persuading gold investors that collectable coins are worth buying, despite the hefty mark-up. He said the firm, which weaves its sales pitches into broadcasts by popular conservative political personalities – including two former presidential candidates and Fox News host Glenn Beck – is simply offering its customers sound advice.”
A story on TheBlaze.com noted, “Beck (full disclosure: he owns this site) has commented on Weiner’s allegations in the past calling them false, and has stood behind Goldline International’s “A+” rating from the Better Business Bureau as a customer himself.”