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Released: May 26, 2011
Big battle brews for consumer protection agency
Source: Herb Weisbaum, MSNBC.com
Didn’t we learn anything from the financial meltdown? Individual consumers cannot protect themselves from lenders that are willing to use predatory practices to boost profits. Reputable businesses cannot compete when competitors don’t play by the same rules. The financial markets need a strong regulator, one that can take decisive action against bad actors. This is good for everyone. It took a terrible recession to teach us an important lesson: without proper regulation, financial markets can devastate the economy and hurt us all. Congress vowed this would never happen again, so last year it passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. That law created the Consumer Financial Protection Bureau.Read Full Article: Big battle brews for consumer protection agency
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