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Elizabeth Warren: "The credit market is broken"

July 20, 2009

As Chair of the Congressional Oversight Panel, Professor Elizabeth Warren has testified before Congress on many topics.  Most recently, she’s been speaking about President Obama’s proposal to create a Consumer Financial Protection Agency.  Now, she’s sharing her thoughts on the matter with the public, via this video posted by Americans for Financial Reform:

Professor Warren says it best when she says “If someone goes to the mall and charges thousands of dollars to buy things they can’t afford, they should have to deal with the consequences.  But no one should be confused about which credit card is cheaper, or how much a mortgage should cost.”

This is why we need a Consumer Financial Protection Agency. Consumers have a responsibility to spend their money wisely, but they deserve to know what they’re getting into when they sign up for a credit card, mortgage, or loan.  Among its many duties, a CFPA would regulate terms and conditions to make sure that contracts are not intentionally difficult to understand, and are fair to consumers.

To sign our petition in support of the creation of a Consumer Financial Protection Agency, click here.

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