In her own words
September 17, 2010 | CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (2)Elizabeth Warren just posted this on The Huffingon Post:
The new consumer bureau is based on a pretty simple idea: People ought to be able to read their credit card and mortgage contracts and know the deal. They shouldn’t learn about an unfair rule or practice only when it bites them — way too late for them to do anything about it. The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market. The time for hiding tricks and traps in the fine print is over. This new bureau is based on the simple idea that if the playing field is level and families can see what’s going on, they will have better tools to make better choices.
I have no problem with that as long as “better choices” includes a regulated cash advance option for consumers.
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I “tough cop on the beat” has never really ended well. Usually a few innocents end up bloody, battered and stripped of their rights in the process.
“tough cop on the beat” means what it always has: extortion payments.