It’s become most evident that Elizabeth Warren, who is spearheading the Consumer Financial Protection Bureau, has her work cut out for her. The new agency is designed to crack down on unfair, deceptive practices in financial products such as mortgages, student loans and credit cards. An agency of this sort has been badly needed to protect ordinary citizens and that has caused some of the Big Boys on Wall Street to pull out all stops in an effort to derail the agency before it even gets off the ground.
There are a number of bills in Congress to either delay the consumer agency, to defund it or to actually kill the agency outright. These bills are a direct attack on middle-class citizens. Wall Street lobbyists are pushing the bills that if passed would at least make the new bureau a weak and ineffective agency. We are hearing more of the expected cries of doom and gloom from the GOP saying that we don’t need more regulation. Since it was largely a lack of regulation that caused our economic system to almost collapse, it would appear that sort of rhetoric would fall on deaf ears. But there are some in Congress who, when told to jump by powerful Wall Street lobbyists, respond by asking “How high?”
Hopefully, the American people understand how important the newly-created consumer protection agency is for them and will put pressure on Congress to back off and let the new agency do its badly-needed job. But when I consider how people consistently vote against their own economic interests in political races, I am concerned that ordinary citizens will buy into the push to weaken or destroy an agency designed to help and protect them.
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