A Return to Regulation
The Obama administration has asked Congress to create a Consumer Financial Protection Agency that would increase access to financial services markets while protecting consumers from unfair and deceptive practices. It would also consolidate consumer protection responsibilities that are presently scattered among different financial industry regulators. Barney Frank introduced the legislation yesterday "with 12 Democratic co-sponsors but no Republicans."
Republicans who oppose the bill adhere to the conservative philosophy that government is the problem and that regulation is the root cause of all evil. At a hearing before a congressional committee yesterday: [more ...]
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