HomeUploadUpload DirectHotlinkRandomAbouttheme toggle
Expand

Obama's CFPA: The Next Great Leap Backwards for Consumer "Rights"

Views:942
@ReasonVids

Is your mortgage confusing to you? Are you bewildered by credit card offers? Do you crave the simplicity of "plain-vanilla" financial vehicles whose complete terms can be read in less than four minutes?

Be careful what you wish for: The Obama administration and members of Congress are pushing legislation that will create a new agency, The Consumer Financial Protection Agency, whose job would be to simplify and police all manner of financial transactions, from what sorts of mortgages could be offered to what sort of credit cards would be in your wallet to whether Wall Street could create new ways of buying and selling stocks. In the name of making your life easier and avoiding the next financial meltdown, the CFPA might just harshly limit how you spend your hard-earned (and dwindling!) dollars.

Would the CFPA do anything other than add another layer of bureaucracy and regulation on top of what already exists? Are consumers too bewildered by competing credit cards to make a rational choice? Reason.tv's Nick Gillespie recently sat down with George Mason University law professor, Volokh Conspiracy blogger, and Mercatus Center scholar Todd Zywicki to get answers.

"The agency is one of the centerpieces of the Obama regulatory reform acts," says Zywicki, "It goes far beyond how we've thought about consumer credit regulation for the past 30 or 40 years." More importantly, it will do nothing to address pernicious incentives that encouraged banks and consumers to take on more debt than was prudent.

For more videos and downloadable versions, go to http://reason.tv

todd zywicki
,
barack
,
obama
,
credit
,
cards
,
mortgages
,
volokh conspiracy
,
gerge mason
,
mercatus center
    Thumbnail for Neuroeconomist Paul J. Zak  on Markets and the "Molecule of Love"9:46
    Neuroeconomist Paul J. Zak on Markets and the "Molecule of Love"
    ReasonVids
    820 views
    Thumbnail for Kike brings a gun to a pool and subsequently has his ass beat for it. 1:02
    Kike brings a gun to a pool and subsequently has his ass beat for it.
    bestofupgoat
    189 views
    Thumbnail for He (Almost) Took His Job0:18
    He (Almost) Took His Job
    bestofvoatxyz
    546 views
    Thumbnail for What The GOP Tax Bill Means For Libertarians15:45
    What The GOP Tax Bill Means For Libertarians
    ReasonVids
    798 views
    Thumbnail for "Go Topless Day": What We Saw at the 5th Annual Protest2:35
    "Go Topless Day": What We Saw at the 5th Annual Protest
    ReasonVids
    867 views
    Thumbnail for The Toughest Zeepkist Super League Submission Ever? - Kick or Clutch Ep. 803 | OwlPlague12:01
    The Toughest Zeepkist Super League Submission Ever? - Kick or Clutch Ep. 803 | OwlPlague
    invidious
    241 views
    Thumbnail for 3D Wire Creator [Interactive]1:00
    3D Wire Creator [Interactive]
    Dismiss
    1308 views
    Thumbnail for It doesn't get more clownworld than this0:43
    It doesn't get more clownworld than this
    AOUisgay
    440 views
    Thumbnail for Matt Ridley: The Coronavirus Pandemic Shows 'That There's No Monopoly on Wisdom'54:19
    Matt Ridley: The Coronavirus Pandemic Shows 'That There's No Monopoly on Wisdom'
    ReasonVids
    1760 views
    Thumbnail for Mostly Weekly Series Finale: Creative Destruction7:58
    Mostly Weekly Series Finale: Creative Destruction
    ReasonVids
    883 views
    Thumbnail for How California's Environmental Mandates Led to Blackouts9:45
    How California's Environmental Mandates Led to Blackouts
    ReasonVids
    943 views
    Thumbnail for Drew Drechsel vs. Abel Gonzalez | Team Ninja Warrior | American Ninja Warrior1:08
    Drew Drechsel vs. Abel Gonzalez | Team Ninja Warrior | American Ninja Warrior
    ninjawarrior
    958 views
    Thumbnail for Calculate YOUR Share of Govt Spending on War, Entitlements, & More: Q&A with Emily Skarbek7:28
    Calculate YOUR Share of Govt Spending on War, Entitlements, & More: Q&A with Emily Skarbek
    ReasonVids
    929 views
    Thumbnail for The Raw Hatred of Black Lives Matter9:47
    The Raw Hatred of Black Lives Matter
    AmericanRenaissance
    1657 views
    Thumbnail for Jeet gets HAGGLED1:14
    Jeet gets HAGGLED
    bestofupgoat
    39 views
    Thumbnail for Man Goes Crazy Rips off Shirt During Street Interview2:44
    Man Goes Crazy Rips off Shirt During Street Interview
    AOU
    1406 views
    Thumbnail for 🔴 Giving 1,000 Robux To Every Viewer LIVE! (Roblox Free Robux) | Mosy - Roblox1:00
    🔴 Giving 1,000 Robux To Every Viewer LIVE! (Roblox Free Robux) | Mosy - Roblox
    invidious
    360 views
    Thumbnail for Video Makers are Moving HERE! | Naomi Brockwell: NBTV6:40
    Video Makers are Moving HERE! | Naomi Brockwell: NBTV
    invidious
    501 views
    Thumbnail for Golden Pager1:55
    Golden Pager
    bestofupgoat
    105 views
    Thumbnail for Bandish Bandits S2: Khaamakha (Song) | Ritwik, Shreya | Nikhita Gandhi, Siddharth Pandit, Alok | T-Series2:18
    Bandish Bandits S2: Khaamakha (Song) | Ritwik, Shreya | Nikhita Gandhi, Siddharth Pandit, Alok | T-Series
    invidious
    109 views
    Thumbnail for Is There Still a Legal Case Against Obamacare? Q&A w Pacific Legal Fdtn's Timothy Sandefur3:58
    Is There Still a Legal Case Against Obamacare? Q&A w Pacific Legal Fdtn's Timothy Sandefur
    ReasonVids
    970 views
    Thumbnail for How Martin O'Malley Helped Create the Baltimore Riots: LEAP's Neill Franklin8:33
    How Martin O'Malley Helped Create the Baltimore Riots: LEAP's Neill Franklin
    ReasonVids
    880 views
    Thumbnail for LIVE: Trump Rally in NYC | FOX 44:03:54
    LIVE: Trump Rally in NYC | FOX 4
    invidious
    188 views
    Thumbnail for Play These Scriptures All Night And See What God Does | Daily Scripture1:00
    Play These Scriptures All Night And See What God Does | Daily Scripture
    invidious
    113 views
    Thumbnail for INFORMATIVO: Trump desata el pánico en Europa, Rusia responde sobre los aranceles y China se rebela | Negocios TV1:00
    INFORMATIVO: Trump desata el pánico en Europa, Rusia responde sobre los aranceles y China se rebela | Negocios TV
    invidious
    115 views

points

Permalink
Reply
todd zywicki
,
barack
,
obama
,
credit
,
cards
,
mortgages
,
volokh conspiracy
,
gerge mason
,
mercatus center
TOS  •  Add Keywords  •  Donate  •   Analytics  •   DMCA  •   Puzzle