The experts debate
March 17, 2010 | federal legislation, industry | Comments (0)You can read the whole thing yourself, but we liked this opinion:
This consistency of beliefs is not held across the board though. Some experts, such as Thomas Durkin, a former Federal Reserve economist, find “obvious difficulties with the content of a consumer financial protection agency,” and still do not see the need for a new agency at all.
“I want to know precisely why we need another agency before we go out and establish one with all the costs and so forth involved with that,” Durkin said.
His main concern with the creation of any consumer protection agency, independent or not, lies in its political basis.
“Since there is no clearly identified need, given all the other regulations agencies we have,” Durkin said. “It’s going to be a political agency with a political mission,” a mission that will flip-flop depending on which political party is currently in power.
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