Senator Durbin Introduces S. 566 to create a Financial Product Safety Commission

On Tuesday, Senator Durbin (D, IL)  introduced S. 566 which would create a Financial Product Safety Commission, and companion legislation is expected from the House soon.  Consumer groups support this idea, and you can read more about it in this previous blog post.

This idea was originally conceived by Harvard Law School professor Elizabeth Warren.  HLS put together this webpage about Prof. Warren’s work on the issue, including links to her article in Harper’s Magazine and her recent appearance on NPR’s “Fresh Air.”

Here is a press release (PDF) and letter (PDF) from AFFIL and 55 other nonprofit organizations supportive of the FPSC.