Elizabeth Warren Advocates CFPA
By Swatilekha, Gaea News NetworkWednesday, January 27, 2010
WASHINGTON, (GaeaTimes.com)- Harvard Law School professor Elizabeth Warren, who developed the concept of establishing a new Consumer Financial Protection Agency, stressed the importance of creating the agency in a recent interview. At the same time, the chair of the Congressional Oversight Panel has expressed concern that the financial regulatory reform legislation might be treated as the health care reform with pertinent principles of the reform bill being negotiated away.
The Consumer Financial Protection Agency which has been proposed by Elizabeth Warren, would be a new government financial regulator which would aim to provide the Americans some respite from financial crisis as was witnessed during the global economic meltdown. However, the banks are keeping no stones unturned to ensure that financial regulatory body does not see the light of the day. Elizabeth Warren has reiterated that this is obvious since, if the agency comes into being that it would hamper their ability to reap profits by selling financial products that are labeled deceptively. Moreover, the Harvard Law School professor also implied that the agency would ensure that the regulatory reforms are focused on the financial welfare of American families.
At the same time, Elizabeth Warren has also emphasized that the Consumer Financial Protection Agency would highlight the fact whether Congress will attempt to reform Wall Street or would provide Wall Street whatever it requires.
However, after suffering a major setback in the U.S. Senate, President Barack Obama has made it clear that consumer protection would be the prime importance amidst the overhaul of financial regulation. At the same time, President Obama also emphasized on the establishment of a consumer finance regulatory authority to ensure that the American citizens are protected from the financial crisis.
