The idea of creating a Consumer Financial Protection Agency struck me at first glance as probably something that was probably a good idea, but didn’t necessarily have a ton of awesome potential. It is, however, attracting some appealing adversaries. First the Financial Services Roundtable took a swing at it and now the Chamber of Commerce is getting into the action. That, to me, makes it sound like this might be a bigger deal than I was initially giving it credit for. Now the key thing is whether congress can enact this idea in a way that has some teeth.
Pat Garofalo offers some specifics:
That said, the agency will only be effective if it’s on par with the banking regulators and can keep up with financial innovation. It can’t be second tier, without enough resources or stature to do its job effectively. The administration’s plan calls for “stable, robust funding,” and giving the agency “sole rule making authority” in terms of consumer protection. We’ll see if Congress decides to grant those requests.
Is there a name for the phenomenon where a group signing up to oppose something makes you more enthusiastic about it?
Previous in TP Yglesias
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