Tell Congress to Create a Consumer Watchdog Agency
Yesterday, we blogged about the Administration’s new plan to overhaul the nation’s financial regulatory system. Part of the plan is to create a regulator devoted to consumer protection – a “Consumer Watchdog” agency. Today, you can add your voice to the many supporters of this idea!
The renegade lending industry has brought our economy into the worst recession since the Great Depression. But now there’s a chance to fix our broken system.
Right now, no government regulator has consumer protection as its main mission. A Consumer Watchdog agency would exist just for this purpose, and would regulate credit cards, mortgages, small loans, and other financial products.
The need for a Consumer Watchdog agency is all too clear. One in five subprime mortgages will end with the family losing their home. The government would never let stores sell toasters that had a one in five chance of bursting into flames and burning down your house. Why should mortgages be any different, especially when so much is at stake?
A Consumer Watchdog agency would ban products that don’t meet safety requirements, and ensure a level playing field between lenders and borrowers. For more information about an agency like this, please click here.
The system we have now isn’t working! Tell Congress to create a Consumer Watchdog agency!