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Elizabeth Warren: Weakening the consumer agency
Weakening the consumer agency
by Elizabeth Warren
Wall Street and the big banks — and their lobbyists and allies in Congress — couldn't stop the new financial watchdog, the Consumer Financial Protection Bureau (CFPB), but they're doing everything they can to remove its teeth.
On Monday, the House Budget Committee considered a bill that would strip the new consumer agency of its independence by allowing pure politics — and Wall Street lobbyists — to control its funding.
It's no surprise why Wall Street, the big bank lobbyists, and their allies keep trying to weaken the consumer agency. To date, the CFPB has showed tremendous promise — designing a simplified mortgage agreement, finding a way to mow down some of the fine print in credit cards, and drafting a stronger disclosure that would expose some of the tricks in student loans. And it has started regular investigation of major lenders to make certain they follow the law.
<...>
The nation had an open and noisy debate over financial reform. Congress deliberated and eventually voted to create a strong agency with the tools it needed to protect consumers. In a David vs. Goliath legislative fight, David won — America's hard-working middle class families scored a major victory.
But now, the fight over the consumer agency's future has moved from an open debate to the back halls where lobbyists and big banks are lurking, waiting for another chance to attack the new agency. The backdoor attempts to weaken consumer protection and water down oversight are wrong. If Congress really cares about protecting middle class families — and the health of our entire economy — it should reject the latest proposal. That is what I would do as a United States Senator.
- more -
http://www.dailykos.com/story/2012/05/09/1090029/-Weakening-the-consumer-agency
by Elizabeth Warren
Wall Street and the big banks — and their lobbyists and allies in Congress — couldn't stop the new financial watchdog, the Consumer Financial Protection Bureau (CFPB), but they're doing everything they can to remove its teeth.
On Monday, the House Budget Committee considered a bill that would strip the new consumer agency of its independence by allowing pure politics — and Wall Street lobbyists — to control its funding.
It's no surprise why Wall Street, the big bank lobbyists, and their allies keep trying to weaken the consumer agency. To date, the CFPB has showed tremendous promise — designing a simplified mortgage agreement, finding a way to mow down some of the fine print in credit cards, and drafting a stronger disclosure that would expose some of the tricks in student loans. And it has started regular investigation of major lenders to make certain they follow the law.
<...>
The nation had an open and noisy debate over financial reform. Congress deliberated and eventually voted to create a strong agency with the tools it needed to protect consumers. In a David vs. Goliath legislative fight, David won — America's hard-working middle class families scored a major victory.
But now, the fight over the consumer agency's future has moved from an open debate to the back halls where lobbyists and big banks are lurking, waiting for another chance to attack the new agency. The backdoor attempts to weaken consumer protection and water down oversight are wrong. If Congress really cares about protecting middle class families — and the health of our entire economy — it should reject the latest proposal. That is what I would do as a United States Senator.
- more -
http://www.dailykos.com/story/2012/05/09/1090029/-Weakening-the-consumer-agency
