As part of the new Financial Bill that passed out of committee at some ridiculous hour of the day we are now about to be ruled by more unelected officials and subjected to more government command and control without oversight. Welcome the era of new Consumer Protection Agency. This agency will reside within the Federal Reserve, another organization with far too much power, full of unelected officials that can do anything they want without benefit of sunlight.
A cop with teeth? The government will protect us from bad lending practices, but who will protect us from the government?
But the provision receiving the most accolades from consumer activists is the establishment of a consumer protection agency. The bureau will be an independent agency within the Federal Reserve, with its own budget and a director appointed by the president and confirmed by the Senate.
"Finally, we're going to have this cop on the beat that's going to have some teeth, that's going to be able to rein in abusive lending, and deceptive products and services," said Susan Weinstock, financial reform campaign director at the Consumer Federation of America. "It's going to oversee . . . all sorts of things that tripped up consumers."
The worst Administration in history-which cannot handle the Gulf oil spill, national security, illegal immigration, Wall Street, or a weak and dying economy-is now in charge of regulating most all consumer credit everywhere........
I don't feel better.