Obama Pushes Consumer Watchdog Agency
President Barack Obama went on the offense Friday to reassert the need for a new consumer watchdog agency, the Consumer Financial Protection Agency, to keep tabs on financial institutions and to keep consumers from getting caught up in more mortgage disasters and high-interest credit card schemes.
President Barack Obama went on the offense Friday to reassert the need for a new consumer watchdog agency, the Consumer Financial Protection Agency, to keep tabs on financial institutions and to keep consumers from getting caught up in more mortgage disasters and high-interest credit card schemes. –KA
WAIT BEFORE YOU GO...BBC:
“Predictably, a lot of banks and big financial firms don’t like the idea of a consumer agency very much,” Mr Obama said.
“They’re doing what they always do – using every bit of influence to maintain the status quo that has maximised their profits at the expense of American consumers.
“In fact, the US Chamber of Commerce is spending millions on an ad campaign to kill it.”
But the president said he would not back down from his plans for reform. He said the new agency was needed to protect US consumers from “ridiculously confusing contracts” used by financial institutions.
This year, the ground feels uncertain — facts are buried and those in power are working to keep them hidden. Now more than ever, independent journalism must go beneath the surface.
At Truthdig, we don’t just report what's happening — we investigate how and why. We follow the threads others leave behind and uncover the forces shaping our future.
Your tax-deductible donation fuels journalism that asks harder questions and digs where others won’t.
Don’t settle for surface-level coverage.
Unearth what matters. Help dig deeper.
Donate now.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.