“CFPA would limit credit”
January 28, 2010 | federal legislation, industry | Comments (0)Interesting piece authored by U.S. Chamber of Commerce President Tom Donohue up at Istockanalyst:
The Consumer Financial Protection Agency, which passed the House late last year, would create a massive new federal agency that could further limit the availability of credit and impose new economic costs on our nation.
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Consumers and lawmakers would be wise to follow the physician’s rule when deciding how to “fix” consumer protection laws _ first, do no harm. The CFPA, if enacted, would bring economic harm to consumers and to our economy without ensuring new protections or solving legitimate shortcomings in our financial system.
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