This confirms it
June 22, 2009 | federal legislation, industry | Comments (0)A new Consumer FinancialProtection Agency would just be a tool of anti-business consumer groups. How do we know? From the article:
A coalition of national consumer protection agencies this week applauded President Barack Obama’s proposal to create a federal Consumer Financial Protection Agency, saying it would consolidate most federal consumer protection efforts into a single agency. Currently, seven federal agencies handle consumer protection in financial services, and five of those also oversee the financial soundness of specific financial institutions.
“Too often, captive federal banking regulators have treated consumer protection as less important or even in conflict with their supposed primary mission to ensure the safety and soundness of financial institutions,” said Ed Mierzwinski, consumer program director of U.S. PIRG, in a written statement. “The president’s proposal would streamline and dramatically improve the current splintered, ineffective federal financial regulatory system.”
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