The new agency will be better?
July 29, 2009 | alternatives, federal legislation, industry | Comments (0)I’m not surprised, but I’m a little discouraged that there’s not an honest debate about whether a new regulatory agency will be better that the current ones. From ConsumerAffairs.com:
“Based on their track record rather than promises, it’s very clear that the Federal Reserve has failed to address major consumer protections over a 20-year period,” Plunkett told us. “We need action as opposed to rhetoric. In about a dozen separate areas of consumer finance, the Federal Reserve has either not acted or acted much too late.
Last week, the Fed unveiled a series of proposed regulatory changes, designed to correct some of the most egregious problems in mortgage and home-equity lending. Plunkett suggested the action was intended to hold onto the Fed’s institutional authority.
So what’s the guarantee that a new agency will do any better?
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