Financial Product Safety Commission News Conference Today
Representatives Bill Delahunt (D, MA) and Brad Miller (D, NC) will introduce a House bill to create a Financial Product Safety Commission (FPSC) at a press conference this morning. They will be joined by AFFIL favorites Elizabeth Warren of Harvard Law School, Travis Plunkett of the Consumer Federation of America, and Ed Mierzwinski of US PIRG.
AFFIL supports S. 566, which is the Senate version of this bill. As explained in Delahunt’s press release, the FPSC would:
…establish a consumer “watchdog” with a single objective to protect consumers against abusive financial products used in mortgages, credit cards, and retirement accounts. The current economic crisis has demonstrated that the nation’s existing financial regulation structure has diminished consumer protections and eroded consumer confidence.