Editorial: Keep an eye on banks
Author: Philadelphia Enquirer Editorial Board
Mar 09, 2010
"It's been more than a year since Wall Street collapsed, and Congress is finally moving forward with reforms to prevent more abuses in the banking industry.
One of the key elements is a proposal by President Obama to create a Consumer Financial Protection Agency. This new entity, as proposed, should have the authority to act quickly on consumer complaints and order regulators to examine the practices of banks and credit card companies.
But Senate negotiators are proposing to house this agency within the Federal Reserve, which is responsible for the overall health of the banking industry. That would be an inherent conflict with the mission of protecting consumers."
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“(E)ven if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car.”
Source: Special Inspector General, TARP
