T Minus 12-18 Months for CFPB
July 28, 2010 | Uncategorized | Comments (0)
An article in Politico.com continues the discussion over the CFPB. Peter Wallison of the American Enterprise Institute makes some interesting points.
He feels that Congress has not had a significant debate about the proposed bureau…and we agree:
“The whole thing was sold as preventing another financial crisis, and people said that it was necessary to have this consumer bureau that would control Wall Street. But, in fact, it ends up mostly controlling Main Street.”
Concerned about the long-term implications of the CFPB, Wallison said:
“It’s going to make credit much more expensive, simply by reducing competition, but even the companies that survive will have to charge more in order to compensate for the additional costs of regulation.”
See full article here.
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