The caterwauling has begun
February 28, 2010 | federal legislation, industry | Comments (1)So-called “consumer” groups are attacking Senator Dodd. From the Huffington Post:
Consumer advocates are reacting harshly to a compromise Consumer Financial Protection Agency being proposed by Banking Committee Chairman Chris Dodd (D-Conn.).
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Consumer groups also wanted a presidentially-appointed head of the agency and an independent funding stream. Dodd’s proposal includes both of those. But without independence, the agency loses its ability to write or enforce strong rules.
They mean without independence the agency loses its ability to operate an ideological point of view.
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…..or that, without independence the agency loses its ability to act accordingly to the banking industry which has bought and sold it’s intentions long ago.