WSJ raises strong opposition to CFPA
February 25, 2010 | federal legislation, industry | Comments (0)And makes a great point. From the editorial:
On Capitol Hill, the Obama plan to create a Consumer Financial Protection Agency has been failing on the merits. But rather than examine why so few people want a new bureaucracy deciding which financial services Americans can use, the left has chosen instead to blame Wall Street for blocking its creation. Just one problem: Wall Street doesn’t oppose it.
————————
Testifying recently before the Financial Crisis Inquiry Commission, Goldman Sachs CEO Lloyd Blankfein explained why his firm has nothing at stake here: “Because we are an institutional firm that largely focuses on corporations, governments and large public and private investing organizations, we do not have retail businesses.” He added that “we agree that a more specific focus on consumer protection, whether in the context of a new agency or otherwise, is warranted.”
————————
If Senate discussions now yield anything like the planned Obama consumer regulator, the result will be huge new costs for the economy and unknown risks for the taxpayer. Wall Street couldn’t care less, but Main Street will pay the bill for this experiment for many years to come.
Comments»
No comments yet.