US PIRG’s Ed Mierzwinski thinks the Treasury Department’s recently announced plan for reforming financial regulation,

…may include some good ideas, but it is largely a re-hashed, unsubstantiated industry wish-list that seeks to eliminate state enforcement authority over insurance, securities and other financial products, without even guaranteeing strong consumer protection at the federal level.

I gotta say, when I first read about Henry Paulson’s plan, it sounded like they said, hey, we’ve got this pile of proposals here, let’s go down to Kinkos, use their binding machine, and call it a day.

Statement: Treasury regulatory proposal– a Wall Street home run and a Main Street strike out [U.S. PIRG Consumer Blog]
PREVIOUSLY: Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.