Federal Reserve

Businessman David Krikorian (I-Madeira) says he's been trying to focus the debate in Ohio's 2nd Congressional District on the economy but has "heard virtually nothing" from his opponents on the subjects of domestic and international economic security.

Krikorian is challenging U.S. Rep. Jean Schmidt (R-Loveland) for Ohio's 2nd, along with Dr. Victoria Wulsin (D-Indian Hill). Krikorian said he was issuing his statement on the proposed $700 billion bailout of financial institutions because he wants the voters in the district to know where he stands. He challenged his opponents to do the same and "prove" their understanding of the crisis and what should be done. Wulsin issued her statement on the bailout on Wednesday.

Krikorian says the he is deeply troubled by the "continuing deterioration of our financial system and lack of leadership by our elected officials in Washington."

State Treasurer Richard CordrayOhio Treasurer Richard Cordray, who has been selected by state Democrats as their nominee for attorney general, is calling on Ohio's Congressional delegation to push the Federal Reserve to end credit card practices he says are unfair, "downright hostile," and out of step with state law.

Cordray made his remarks to a meeting of invited members of the Ohio Association of Community Action Agencies, and asked them to join him in petitioning Ohio's congressional delegation for changes in the Truth in Lending Act.

Cordray said only the Federal Reserve, as the regulator of the credit card industry, can ban unfair and deceptive practices under the Truth in Lending Act, unless the Congress itself takes direct action.