Just what we need another big bureaucracy, since the hundred other organisations we have to monitor fraud and abuse did such a good job catching all the fraud and abuse during the housing boom, lets create another fucking useless bureaucracy, that can also screw up and miss everything. Wonder how much this one is going to cost a year to keep thousands more useless government fatcats leeching off our dollars.
You need not read past this line in the article to realise this agency will be completely useless. "Warren is a Harvard professor who first proposed the idea"
Obama: Warren's agency will be 'watchdog' for consumers
President Obama said today that new aide Elizabeth Warren is responsible for creating a new agency to become "a watchdog for the American consumer" when it comes to financial products such as mortgages and credit cards.
The Consumer Financial Protection Bureau will "stand up for consumers and middle class families," Obama said in introducing Warren during a brief Rose Garden ceremony.
Warren is a Harvard professor who first proposed the idea for such an agency, which became a centerpiece of the new Wall Street regulations that Obama signed into law earlier this year.
Too many Americans have become victims of "practices that took advantage of consumers,' Obama said, and the new agency will target "unscrupulous" mortgage lenders, banks, and credit card companies.
Obama considered naming Warren the chairwoman of the agency. But some Senate Republicans had vowed to oppose such a nomination, calling Warren anti-business. Now a member of the White House staff -- as well as a special assistant to Treasury Secretary Timothy Geithner -- Warren is not subject to Senate confirmation.
The U.S. Chamber of Commerce issued a statement accusing Obama of avoiding the scrutiny of a Senate confirmation hearing.
"The administration has circumvented one of the very few checks on a big new agency that already has been given an unprecedented concentration of regulatory powers," said David Hirschmann, president and CEO of the U.S. Chamber's Center for Capital Markets Competitiveness. "This maneuver is an affront to the pledge of transparency and consumer protection that's purported to be the focus of this new agency."
Sen. Chris Dodd, D-Conn., who chairs the Senate Banking Committee, praised Warren, but also urged Obama to appoint a leader of the actual agency as soon as possible.
"Until a Director is at the helm, this new bureau will not have the teeth that it needs to put strong protections in place, and could leave the entire bureau in jeopardy," Dodd said.
http://content.usatoday.com/communi...rrens-agency-will-be-watchdog-for-consumers/1
You need not read past this line in the article to realise this agency will be completely useless. "Warren is a Harvard professor who first proposed the idea"
Obama: Warren's agency will be 'watchdog' for consumers
President Obama said today that new aide Elizabeth Warren is responsible for creating a new agency to become "a watchdog for the American consumer" when it comes to financial products such as mortgages and credit cards.
The Consumer Financial Protection Bureau will "stand up for consumers and middle class families," Obama said in introducing Warren during a brief Rose Garden ceremony.
Warren is a Harvard professor who first proposed the idea for such an agency, which became a centerpiece of the new Wall Street regulations that Obama signed into law earlier this year.
Too many Americans have become victims of "practices that took advantage of consumers,' Obama said, and the new agency will target "unscrupulous" mortgage lenders, banks, and credit card companies.
Obama considered naming Warren the chairwoman of the agency. But some Senate Republicans had vowed to oppose such a nomination, calling Warren anti-business. Now a member of the White House staff -- as well as a special assistant to Treasury Secretary Timothy Geithner -- Warren is not subject to Senate confirmation.
The U.S. Chamber of Commerce issued a statement accusing Obama of avoiding the scrutiny of a Senate confirmation hearing.
"The administration has circumvented one of the very few checks on a big new agency that already has been given an unprecedented concentration of regulatory powers," said David Hirschmann, president and CEO of the U.S. Chamber's Center for Capital Markets Competitiveness. "This maneuver is an affront to the pledge of transparency and consumer protection that's purported to be the focus of this new agency."
Sen. Chris Dodd, D-Conn., who chairs the Senate Banking Committee, praised Warren, but also urged Obama to appoint a leader of the actual agency as soon as possible.
"Until a Director is at the helm, this new bureau will not have the teeth that it needs to put strong protections in place, and could leave the entire bureau in jeopardy," Dodd said.
http://content.usatoday.com/communi...rrens-agency-will-be-watchdog-for-consumers/1
