Ahead of President Obama’s 2pm address, senior economic adviser Austan Goolsbee released a video this morning making the case for shifting the consumer protection power from seven different agencies and putting them into one, one that is streamlined, clear, and accountable, the CFPA.
From pushing bad mortgages to unclear language to payday lender shenanigans to credit card companies setting the due date at 9am so that if mail happens to come after lunch that day you get a late fee, companies have gotten away with playing fast and loose, says Goolsbee. What we had before, wasn’t working, and it contributed to our recent economic collapse.
But what powers will the CFPA have? What is the very first initiative it would take? Is this better government, or simply bigger government?
Watch his video and leave your questions in the comments, or email them to email@example.com, subject line CFPA. Then, next Tuesday, we’ll interview Diana Farrell, Deputy Director of the National Economic Council, get you some answers, and post the video. Deal?