More opinion
June 29, 2010 | federal legislation, industry | Comments (0)We like this one from National Review better than the one below:
Perhaps the worst element of the bill is the creation of a new Consumer Financial Protection Bureau, housed in the Federal Reserve, with nearly unlimited rulemaking and enforcement authority and a funding mechanism that appears to involve taking whatever money it finds lying around Fed headquarters. This is a recipe for an out-of-control regulator with the incentive and the means to restrict forms of credit based on the outside chance that an irresponsible minority might use them unwisely. Some liberals are unhappy that a last-minute amendment placed auto dealers beyond the bureau’s reach. They should grow accustomed to the politicization of financial activity in the wake of this legislation, in which most businesses would be wise to invest more in their D.C. lobbying shops than in expanding their commercial operations.
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