In huge change, Obama strips Fed of credit card oversight

Raine1967

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Wed Jun-17-09 05:36 PM
Original message

In huge change, Obama strips Fed of credit card oversight

In huge change, Obama'd strip Fed of credit card oversight... psst: Mortgages too.

This is amazing. And VERY good news.
With an eye toward protecting consumers and ordinary investors, the Federal Reserve and other bank regulators would lose their oversight over mortgages, credit cards and other financial products that are sold to consumers. It's a radical shift in approach and a tacit acknowledgment of federal failure.

"Lets face it, the (Federal Reserve Board) has had the power to engage in aggressive consumer regulation at least since 1994," Harvard law professor Elizabeth Warren, who chairs the Congressional Oversight Panel, which oversees how Wall Street bailout money is being spent, told McClatchy in an interview. "They clearly had the power to stop the mortgage crisis before it started. And what did they do with that power? Nothing."

REALLY GOOD NEWS.

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DrToast

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Wed Jun-17-09 05:44 PM
Response to Original message

1. It's good news, but let's hope it sticks

Edited on Wed Jun-17-09 05:44 PM by DrToast

The Consumer Financial Product Safety Commission is going to be on of the most hotly contested issues in the regulation bill.

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ThomCat

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Wed Jun-17-09 05:45 PM
Response to Original message

2. Consumer Financial Product Safety Commission

Cool idea. I hope this new commission is going to have the authority to audit the banks and smack them down when they do something that hurts consumers.

If their power is mostly to complain to congress or to go to the media then this will be just smoke and mirrors. But if they have real power this could turn into something good.

The real trick will be keeping banks from stacking the staff of this commission with their people. :(

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elehhhhna

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Wed Jun-17-09 05:55 PM
Response to Reply #2

3. pssst...insurance is a "financial product"

don't tell the repubs just yet.

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Cha

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Wed Jun-17-09 06:02 PM
Response to Original message

4. Protecting consumers..good

deal!

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HopeOverFear

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Wed Jun-17-09 06:03 PM
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5. SOCIALISM IS TAKIN OVER!!!! RUN FER DA HILLS!!!!

sorry couldn't resist.

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brentspeak

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Wed Jun-17-09 06:06 PM
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6. Yes, but he's now making the Fed the primary overseer of the financial institutions

http://online.wsj.com/article/SB124525004449623489.html#mod=article-outset-box

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Fire1

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Wed Jun-17-09 06:45 PM
Response to Original message

7. Outfuckinstanding!!!!!!!! n/t

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Raine1967

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Wed Jun-17-09 07:10 PM
Response to Reply #7

8. I kinda thought so...

Don't start too many posts here, but jeepers-- this one seemed a little like good news.

This is REALLY great news. I wish people would see these small little things as a WIN.

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Zodiak

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Wed Jun-17-09 07:12 PM
Response to Reply #8

9. There was an OP on it a couple of days ago.

I chimed in.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3926488&mesg_id=3926488

Got a lot of responses, too.

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