Tuesday, January 19, 2010

We Need a Consumer Finance Protection Agency!

So far, we've seen precious little reform of the financial system which enriched the big shot bankers and brought the rest of us to our knees.

One piece of reform that we desperately need--and which the bankers are lobbying mightily against--is a new Consumer Finance Protection Agency.

Unless legislation creating this agency or something similar is passed, regulation of the various players in the finance industry will continue to be split among six different agencies. And, unless you do some research to figure out which one applies to the banking institution that's behind your credit card or your mortgage, you can't tell which one has jurisdiction.

This, of course, makes it really hard for consumers to even make a complaint, much less get any help with it, as I wrote here a while back.

So now's the time to weigh in on this issue, and the easiest way is to sign the petition being circulated by The Campaign for America's Future.

You might also call your Senator in Washington (202 224-3121 is the Capitol Switchboard).

Now's not the time to feel fatigued about fighting the mighty lobbyists. We can prevail if we keep up the pressure.

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