President Obama went on the offensive today, demanding that Congress take action on the creation of a National Consumer Financial Protection Agency.
This agency is opposed by banks and big corporations who want to continue to exploit and victimize the nation’s consumers in relation to credit cards and financial services. They have been lobbying successfully so far to prevent the creation of simple applications for financial products, which all consumers could understand, replacing the complex situation now, which requires lawyers and other experts to translate the “small print”.
So many millions of Americans are victims of these banks and other financial organizations, which caused a lot of the corruption which helped to lead to the Great Recession, that we are still attempting to recover from.
It is time that these financial service companies understand that the American people are not going to tolerate any more exploitation, and we should all applaud the President’s strong, determined stand on this issue!