Obama's One Stop Credit Shop - CFPS

The Consumer Financial Protection Services

Elizabeth Warren-  Obama Presidential Asst.

On July 21, 2011 the new Federal Agency, CFPS, opens its doors for business to protect the poor downtrodden, whipped, and often maligned consumers. I admit it does have some lofty and well-intentioned aspirations, but like so have so many government programs they fail miserably.  It certainly sounds dicey to me, doesn't it to you?  Well ...maybe?  Say waaht??

It is the Obama Plan to further government intrusion into your lives. How you say?  It will consolidate seven agencies into just one, but very powerful rule-writing, enforcement and supervisory Federal Government Consumer Financial Protection Agency.  

Hey Big Brother!

Obama All Seeing Eye

It will now truly control your whole personal financial world: Credit Bureaus, Mortgage Servicers and Private Student Loan Providers.  So, your individual checking accounts, credit cards and installment contracts, family home purchases and children's college tuition will be reviewed, deemed acceptable or not, provided national government financial services approval and then administered according to national standards set by the Federal agency. It is Big Brother that now decides if you can have access to your own money or the right to borrow any others too!

Obama's Big Stumbling Block 

This is key to the new Obama Consumer Protection Agency - it CANNOT regulate non-bank firms until it has a PERMANENT Director. That appointment requires Senate approval and it has already been decided that it will be a contentious fight to appoint Elizabeth Warren, a staunch liberal progressive. She is just "an Assistant for Obama" temporally running the agency which is Obama's personal pick to run it too.

What's the Solution?

There are several questions to ask first:

1. How do we keep the Federal government out of non-bank firms and the private sector? Is it legally needed on a state level since tort laws and civil laws aptly maintain and regulate private businesses and individuals now?
2. Who can maintain any real oversight regulations for a close watch over this burgeoning bloated New Consumer Watchdog agency? (Which foxes in the hen house?)
3. Isn't the agency leadership too political and with unchecked powers not answerable to either the Senate or Congress?
4. Could funding cuts be an effective way to control it through Congressional budget actions?

Unfortunately, some say it will be a year or more away before the public will know if this new agency is effective along with the Obamacare costs that kick in then too and all during Obama's 2nd Presidential Term.  Hmmn!... How convenient? 

Just after the 2012 Presidential Elections!  

"Vote on it first to see what you get!" - N. Pelosi 

 

~  REMEMBER... 

VOTE 2012!  ~