Throughout history, Congress has had to step in to make corporations do the right thing. That’s why we have rules about working conditions. That’s why we have a minimum wage.
And that’s why the CFPB was established to help with gaps in consumer protection. It was time to do something different. It was time to set up an agency with as little political influence as possible that would work solely on behalf of consumers.
But still some legislators, with big business buzzing in their ears, want to roll back to a time of “let the buyer beware.” I guess the housing crisis is ancient history to them.
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* * * Critics of the CFPB, many of whom have a biased agenda to back the financial industry, don’t want a consumer watchdog holding these corporations accountable. We would be foolish to allow them to succeed at that mission.
0 thoughts on “WaPo’s Michelle Singletary: Stop the insanity over the consumer protection board”
It is sad that the consumer has to have protection against these scammers. Soldiers do what we as a nation asked them to do and when they come home there are so many different ways for them to be scammed by their own fellow citizens. Old people are constantly flim flammed by unscrupulous sales people. Now we have something that is working on our behalf. And Congress is with the scammers. So sad.
Greedy gangster banksters is who they are !!