Monday, March 1, 2010
Consumer Protection
As Senator Dodd prepares to leave the senate at the end of his current term, he is making financial regulations a top priority. This article deals with the creation of a new consumer protection agency. The agency would be responsible for detecting misleading terms in financial products including mortgages and credit cards. The agency would be a branch of the Treasury Department with its own governing officer. Financial services have been lobbying strongly against such an institution. This article deals with Dodd's desire to compromise, which some are afraid will weaken the agency to the point of being ineffective. This article raises the idea of conflicting agency roles and the power of politics in creating financial institutions.
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Personally, I hope Mr. Dodd is successful in changing the financial regulation before his term is up. It would be beneficial to us as college students to have a consumer protection agency implemented in the near future. Regulation on abusive terms on mortgages, credit cards, payday loans, and other financial products would benefit those of us college students who are not very experienced with these things and could be taken advantage of.
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