Washington Post weighs in
June 30, 2009 | alternatives, federal legislation, industry | Comments (0)The paper supports the Consumer Financial Services Protection Agency:
In principle, it could be wise to streamline the consumer protection function by taking it away from agencies whose other responsibilities may have conflicted with it. The Fed, which had both consumer protection and bank solvency duties, admits that it was too slow to rein in subprime loans. Another useful focus of such an agency would be simplifying the eye-glazing disclosure forms borrowers now face when they buy a house or sign up for a credit card. Still, even financial literacy is no guarantee: Many of Mr. Madoff’s pigeons were sophisticated business people.
That’s not very enthusiastic.
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