Consumer Financial Protection: An Alternative

David C. John / December 10, 2009

Creating a new “Consumer Financial Protection Agency” (CFPA), as proposed in the financial regulation bill now before the House, would raise costs for consumers, reduce the number and type of products available to them, increase the micro-management of financial services firms, and greatly increase the confusion caused by differing and conflicting consumer laws in the different states.

A far better approach has been proposed as an amendment by Rep. Walter Minnick (D-ID). His amendment would coordinate the consumer activities of existing state and federal financial regulators by creating a coordinating council designed to promote equal standards of consumer protection. (more…)