Intrusion without limits
April 13, 2010 | federal legislation, industry | Comments (0)From Alex J. Pollock at the American Enterprise Institute blog:
Senator Chris Dodd’s financial “reform” bill is 1,300 pages of regulatory expansion, including moving the boxes on the regulatory organization chart. Among its organizational results would be the “Consumer Financial Protection Bureau,” an agency thinly disguised as part of the Federal Reserve Board, but obviously designed to be in fact an aggressively independent operation. It would be more honest to drop the attempt at disguise.
Any objective observer of government agency behavior would predict this one becomes a large, very expensive, highly intrusive additional financial bureaucracy, with arbitrarily expanding demands, which will impose heavy costs on consumer financial services and requirements that likely conflict with those of other financial regulators. Where the parties differ about this proposal is that some people like such a bureaucracy, and some don’t.
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