Notice came yesterday from the US House of Representatives that a new agency is finally being created to "regulate home loans, credit cards, savings accounts and other financial services."
The agency is to be called the Consumer Financial Protection Agency.
Let's hope it has some teeth and can do its job and do it well.
It's unfortunate, I think, that we need this additional function in our government and yet another new agency but I think it's important we do, indeed have it.
If we learned anything from the last couple of years, it's what can happen when business isn't regulated so out-and-out theft doesn't occur under the heading of "business as usual."
Considering what's happened to our banking, mortgage and credit sectors and what literally thousands of unscrupulous lenders did, first to their clients and then, ultimately, to our economy, what with our banking and credit crisis and collapse, it seems incredible anyone could voice any complaint about it.
But the bankers and business sector is, let there be no doubt.
The thing is, we need to get the banking and insurance (and all other corporations and their lobbyists and money) out of our government.
And the only way to do that is to have true, complete, bold, in-your-face campaign finance reform, with the corporations thrown out of both the process and ultimate legislative product.
But the American people, sadly, don't connect those dots.
Until that happens, until we all truly revolt for this result, it will remain more of the same, regardless of the political party in power.
There are two things about this, though, that are worth noting--one a question, the other an observation:
First, it would be good to know if this important work couldn't be done within an existing agency, like Commerce or something, so we don't create yet another bureaucracy that ends up living for it's own success.
Second, unfortunately, it's not a sure thing that this consumer protection agency will be created. Bankers and their money being what they are--and our government being how it is, subject to yet more lobbyist's money, etc.--this may not get out of Congress. It's too early to tell.
Sure, we're doing somewhat better now, as citizens and consumers, with this Administration and political party, compared to the previous one but we won't have that true, complete reform unless and until we all push mightily for said campaign finance reform.
That's the only thing that will finally get all the ugly money out of our government that is corrupting the officials, the process and the ultimate legislation.
God, I miss Molly Ivins.
Link:
http://hosted.ap.org/dynamic/stories/U/US_FINANCIAL_OVERHAUL?SITE=TXMCA&SECTION=HOME&TEMPLATE=DEFAULT
http://hosted.ap.org/dynamic/stories/U/US_SHRINKING_FINANCIAL_OVERHAUL_ANALYSIS?SITE=TXMCA&SECTION=HOME&TEMPLATE=DEFAULT
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5 comments:
Why do you put so much faith in a bureaucracy, when countless others are overran with corruption and apathy?
Some nameless faceless person is going to give one iota about your personal issue with a financial institution. Not very likely.
It's not that I put that much faith in any bureaucracy but something has to be done to regulate true fraud and/or corruption It can work. If the laws are both made and enforced, it works.
So the countless laws that are already on the books are no good? Somehow, one more law, just one more piece of legislation will do the trick. Then, when it fails utterly, those who supported the law conveniently forget their praise for the then new law. How it would solve all the ills it was written to correct. Right.
Well done. Getting harder and harder for the white wing wadio types to rip this president. He's doing what's common sense. Nobody said fixing 8 years of pro business government can't be done in only 8 months...but the Oman's trying.
And I just love Dick Cheney and daughter out there defending all things past-administration. Speaking both of them with crooked mouths.
Look, I'm not crazy about bureacracies or bureaucrats and said as much in my entry but something clearly has and had to be done. We have to regulate some parts of this business and these businesses. Our entire economy almost collapsed because it wasn't regulated. Are you suggesting we merely give in to them and let them do their damage to the rest of us? This is what he have to do, it seems. I wish it were through and existing law or agency but so be it. Here we go.
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