Battles over the consumer protection agency heat up
Efforts at reform are usually met with fisticuffs. So it’s certainly not surprising that the Obama administration’s push for financial regulatory reform has lobbyists, bankers, and lawmakers geared up for battle. At the beginning of the summer, President Obama unveiled a proposal to create an agency to enhance consumer protections. The new outfit would monitor credit-card billing practices to guard against predatory lending, monitor mortgages and shield Americans from risky financial products they may not understand.
Not known for their passivity, industry lobbyists representing financial titans like major commercial banks, have already expressed their sincere opposition and are working tirelessly behind the scenes to sink the agency before it can get started. As part of that plan, it looks like they might be rolling out divisive ad campaigns to defeat the agency.