Thursday, June 23, 2011

Murphy Slam Dunks over the Consumer Financial Protection Bureau

Bob Murphy has a great new piece at the Washington Times, on what's wrong with the Consumer Financial Protection Bureau. Best takeaway:
Consider first the sheer implausibility of this “reform.” Consumers who feel they are being ripped off by powerful forces are looking to Washington politicians to save them? Since when does anything coming out of Washington resemble integrity and financial prudence? The CFPB’s own website makes that point.

“If you’ve ever applied for a credit card, a student loan, or a mortgage, you may have felt like you were signing your name to pages of incomprehensible fine print - and weren’t quite sure what was in there.” This is an ironic plug for the bureau, since the 2010 Dodd-Frank Act that created it was a 2,300-page piece of legislation that few lawmakers actually read cover to cover - and the impact of which is still being debated.

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