“Big brother”
July 15, 2009 | federal legislation, industry | Comments (0)That’s what Tennessee Senator Bob Corker calls the propose Consumer Finance Protection Agency:
Bob Corker is among the Senate Republicans criticizing White House plans for a new agency to protect financial consumers. It would take over consumer protection duties on mortgages, credit cards, payday loans and other products. Given our financial crisis, it would seem there’s an obvious need for stronger regulation here. But Republicans say it will hamper innovation and consumer choice.
Corker calls the proposal “an example of this administration being Big Brother” and “a tremendous overreach” that would limit what companies could sell and consumers could buy. “This is way out of bounds,” he says.
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