There is a bill in Congress that appears to be intended to create more extensive power for the president. It would establish a new Consumer Financial Protection Agency under the executive branch, with the authority to oversee, review, and police consumer protection laws for financial products and institutions.
The agency's jurisdiction for reviewing financial matters would include mortgages, credit cards, student loans, auto loans, payday loans, and more. It is sponsored by, Mr. Fixit, Barney Frank. There's an interesting kicker in the amendments.
Some who keep a watch on bills in Congress have concluded that a recent ammendment would provide for the appointment of board members from groups like ACORN. The bill doesn't name the controversial group specifically, but this most recent amendment includes language that makes it easy for ACORN like groups to qualify as board members.
The bill is HR 3126 Consumer Financial Protection Agency Act of 2009. It can be read in a number of places, in its entirety, on the Internet. One site that Intrigued me is the Open Congress Site. The bill is linked, referenced, and discussed. Extra information is provided about those who support it and who oppose it.
Proponents comment that something needs to be done. They argue that toasters have to pass more scrutiny than financial products. Financial products can have more impact on families than toasters can. We probably could use more protection in the financial industry, but we already have a few agencies in place don't we?
Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / firstname.lastname@example.org
508-274-5613 Licensed in MA
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