Wall Street, which is the major culprit in the economic collapse of 2008, which has led to the Great Recession, the biggest downturn since the Great Depression of the 1930s, is actively opposing President Obama’s proposed Consumer Financial Products Agency.
Obama’s idea is that consumers should be protected when they sign up for a credit card, apply for a home mortgage, or qualify for a student loan. Contracts would be simplified; fine print would be eliminated; and there would be no deception in mortgages that takes advantage of people by tricks and traps. Credit card and loan applications would be brief in nature and be very specific in detail, so that anyone could understand what they are signing and committing themselves to pay back.
The agency would have enforcement powers, including ability to sue financial service corporations who try to ignore the rules. The average American would be protected in a way that has never been true before.
The American people MUST make it clear to their members of Congress that this legislation is essential, and that we are not going to allow the banking and financial services industry to take advantage of us anymore. The days of abuse MUST end NOW!