Friday, December 14, 2012

Consumer Protection Racket

Who protects us from the protectors?
The House Oversight Committee has accused the Consumer Financial Protection Bureau (CFPB) of having unchecked power and a vague mandate, giving it the potential to be a “run-away regulator unlike any other in American history.”

In a new report issued Friday, the GOP-led panel warned that with credit already becoming difficult to find for some lenders, the CFPB’s new regulatory oversight could further tighten it. It also suggests that the bureau may have an inappropriate relationship with the White House, adding that president may use it to “further its partisan agenda.” The report was issued by committee Chairman Darrell Issa (R-Calif.) and Rep. Patrick McHenry (R-N.C.), who chairs the subcommittee overseeing the bureau.

“At a time of prolonged economic strain, American consumers can ill-afford such an unaccountable, unresponsive, and all-powerful financial regulator,” the report states.
But comsumers are still the ones who will be paying for it, along with everything else unaccountable and unresponsive...

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