{"id":298344,"date":"2010-02-09T14:45:13","date_gmt":"2010-02-09T19:45:13","guid":{"rendered":"http:\/\/blogs.wsj.com\/economics\/2010\/02\/09\/prominent-cfpa-supporters-turn-up-volume\/"},"modified":"2010-02-09T14:45:13","modified_gmt":"2010-02-09T19:45:13","slug":"prominent-cfpa-supporters-turn-up-volume","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/298344","title":{"rendered":"Prominent CFPA Supporters Turn Up Volume"},"content":{"rendered":"

Several prominent policy makers rallied Tuesday to support the creation of an independent Consumer Financial Protection Agency<\/strong>, as anticipation mounts over the details of legislation that Senate Banking Committee Chairman Christopher Dodd<\/strong> (D., Conn.) is drafting to overhaul financial regulation.<\/p>\n

1) Harvard\u0092s Elizabeth Warren<\/strong>, whom many credit with coming up with the idea of an independent CFPA, penned an editorial in The Wall Street Journal. She blasted the banking industry for lobbying so aggressively to kill the creation of an independent consumer agency:<\/p>\n

\u0093This generation of Wall Street CEOs could be the ones to forfeit America’s trust. When the history of the Great Recession is written, they can be singled out as the bonus babies who were so short-sighted that they put the economy at risk and contributed to the destruction of their own companies. Or they can acknowledge how Americans’ trust has been lost and take the first steps to earn it back.\u0094<\/p>\n

2) Several state attorneys general, Tom Miller<\/strong> of Iowa, Lisa Madigan<\/strong> of Illinois, and Dick Blumenthal<\/strong> of Connecticut, held a conference call and pushed for the creation of an independent CFPA.<\/p>\n

\u0093A vote against a strong and independent CFPA is a vote for the big banks and Wall Street and a vote against consumers,\u0094 Mr. Miller said. \u0093Americans are rightfully concerned and angry about the near-collapse of the economy largely caused by irresponsible banks, Wall Street and other financial firms.\u0094<\/p>\n

3) House Financial Services Committee Chairman Barney Frank<\/strong> (D., Mass.) followed up with his own harsh words for those in the banking industry lobbying against the creation of a CFPA.<\/p>\n

\u0093Those who cite safety and soundness as a major reason to oppose increased consumer protection have it exactly backwards,\u0094 Mr. Frank said. \u0093In fact, the inability to protect consumers from abuse was a major cause of the financial crisis from which we are just emerging.\u00a0 Professor Warren importantly notes the example of Citigroup\u0092s unsuccessful and unilateral attempt to bring fairness to credit card practices.\u00a0 This experience demonstrates that competitive pressures will obstruct reform unless it is done by thoughtful legislation and regulation that applies to all.”<\/p>\n

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Several prominent policy makers rallied Tuesday to support the creation of an independent Consumer Financial Protection Agency, as anticipation mounts over the details of legislation that Senate Banking Committee Chairman Christopher Dodd (D., Conn.) is drafting to overhaul financial regulation. 1) Harvard\u0092s Elizabeth Warren, whom many credit with coming up with the idea of an […]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-298344","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/298344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=298344"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/298344\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=298344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=298344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=298344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}