Democrats and Republicans can’t even agree to give the consumer, you and I, some bare bones protections against the sharks and shysters who abuse, misuse and confuse consumers about student loans, credit card regulations and mortgage obligations. As I’ve said on many occasion, the two party system has degenerated into a single party that is beholden to the large pockets of its campaign contributors and not the American people at large.
Here’s an entertaining video that puts a laugh into an otherwise disappointing consumer protection story:
March 3 (Bloomberg) — A U.S. Senate compromise to create a consumer protection unit in the Federal Reserve encountered a wall of resistance over the scope of the powers planned for the regulator.
Senator Bob Corker, the Tennessee Republican, and Banking Committee Chairman Christopher Dodd, the Connecticut Democrat, drew immediate complaints from colleagues yesterday for suggesting a unit within the Fed. The proposal would be a retreat from the Obama administration plan for a stand-alone agency and a victory for the financial industry.
Democrats on the banking panel were opposed or reluctant to give the Fed consumer responsibilities. Senator Jeff Merkley of Oregon said the Fed had an “abysmal” record on consumer protections. Republicans had different concerns. Judd Gregg of New Hampshire told reporters in Washington the unit “can’t be autonomous within the Fed.”
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