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Fed To Run Consumer Protection Agency

Posted in Investing by CrankySaver
June 21, 2010 03:18 PM - 2 Comments

The Federal Reserve, which totally failed to protect consumers from the abusive lending that led to the 2008 financial crisis, is apparently going to run the new consumer protection agency Congress is creating.

Federal Reserve to run consumer protection agencyReuters is reporting that Democrats from the U.S. House of Representatives have agreed to go along with a Senate proposal to make the agency part of the Fed, and abandoning their plan to make independent of the banking industry’s best friend.

The House’s retreat moves Wall Street reform a step closer to reality, but really. If you’re going to have a consumer protection agency, what’s the point of turning it over to Fed Chairman Ben Bernanke, a guy who’s shown virtually no concern for protecting consumers, even from the financial industry’s worst abuses.

Bank CEOs everywhere must be breaking out the bubbly.

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  1. ChgEffect said:
    on June 28th at 11:20 am

    I disagree. The watering down of regulation and oversight over the past decade has pushed the U.S. Economy into financial collapse. The Federal Reserve has completely failed to protect consumers due to the culture of corruption. The new guideline is a step in the right direction for protecting system failures and the consumers. By criticizing change and not offering suggestions for improvement, endorses the current system of failure.

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