Posted on 06/23/2009 6:23:29 PM PDT by traumer
WASHINGTON (Reuters) - The outspoken head of a U.S. Congressional watchdog panel will strongly urge lawmakers on Wednesday to set up a new government agency to protect consumers from "tricks and traps" set by banks.
President Barack Obama has called for creating an independent financial products agency to oversee consumer lending as part of his sweeping proposal to overhaul the U.S. financial regulatory system.
"We can help fix the broken credit market. And I can sum it up in four words: Consumer Financial Protection Agency," said Elizabeth Warren, chairman of the Congressional Oversight Panel of the Troubled Asset Relief Program, in prepared remarks.
Warren, who is a professor at Harvard Law School, will be the marquee witness at a House of Representatives committee hearing on Wednesday looking at a key provision of Obama's broad plan to drag the aging U.S. financial regulatory system into the 21st century.
The provision to establish a financial protection agency for consumers "will be carried out," Senator Jack Reed, chairman of the Senate securities subcommittee, said in an interview with Reuters Television on Tuesday.
"Definitely you have to have a consumer protection agency," he said, echoing vows made in recent days by Obama and by Senate Banking Committee Chairman Christopher Dodd on a proposal that is meeting more criticism from business interests than perhaps any other part of the Obama plan.
(Excerpt) Read more at reuters.com ...
Another government agency... :o)
More money wasted, more power usurped.
> “We can help fix the broken credit market. And I can sum it up in four words: Consumer Financial Protection Agency,”<
Nope. The 4 words that come to mind is “Obama’s Stimulus Didn’t Work”. Another 4 words is ‘This is Obama’s fault”.
The bottomline is that citizens are too stupid to handle money. Money should be kept away from all citizens. The government ought to handle all financial transactions for us [/s]
KNOCK OFF ALL THE CRAP ABOUT RAISING TAXES!!! THAT WOULD TAKE CARE OF IT!!! We don't need a loan if we have the damn CASH!!! Idiots!
GOVERNEMNT Policy....TAKE IT, BREAK IT, SCREW IT UP AGAIN....AND CHARGE YOU to do it!!!
Get rid of the fed before they get rid of America.
Oh to heck with all this “not being able to afford their mortgages” nonsense.
A lot of people could afford their mortgages until gas went to $4 a gallon. And people started getting laid off.
I blame it on oil speculators and durn yankee bankers who loaned money out like drunks on a binge.
parsy, who notes that it usually cost more to rent than own.
“to set up a new government agency”
Wouldn’t it be simpler to set up another “Czar”, or Commissar of Banks? Of course, we don’t know how much a Czar costs.
Stop trying to advance credit to people with bad credit. That should solve everything.
I’d rather have a banking agency preventing alerting us to the tricks and traps of the worthless commies in DC.
This is what happens when we put ‘compassionate’ people into the federal government. Hopefully, we will get some cold hearted people in there soon.
Start by investigating TARP and the bailouts. Bring back Glass-STeagal and I'll believe this is not just another power grab.
Anyone living on credit should be burned for everything they have.
Chances are those people don't have anything that doesn't have a lien on it. I was raised that if I couldn't pay for it I didn't need it and have lived by those rules all my 72 years and they have served me very well. I've never borrowed to buy anything including my airplane and my condo except my first home that I saved a 20% down for and paid it off over 25 years ago.
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