HomeUploadUpload DirectHotlinkRandomAbouttheme toggle

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

Views: 893
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
@ReasonVidsfollow
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
775 views
Thumbnail for Muppets Christmas Carol - It Feels Like Christmas2:39
Muppets Christmas Carol - It Feels Like Christmas
Frosty
2669 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
322 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
1708 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
909 views
Thumbnail for Con Air 2010 (TSA Remix)0:31
Con Air 2010 (TSA Remix)
ReasonVids
842 views
Thumbnail for What We Saw at the #MuslimBan Protest at LAX5:43
What We Saw at the #MuslimBan Protest at LAX
ReasonVids
825 views
Thumbnail for X Doesn’t Mark the Spot | Grunt Speak Shorts11:42
X Doesn’t Mark the Spot | Grunt Speak Shorts
Terrence Popp
616 views
Thumbnail for Should the Coronavirus Lockdowns End Immediately? A Soho Forum Debate1:26:07
Should the Coronavirus Lockdowns End Immediately? A Soho Forum Debate
ReasonVids
839 views
Thumbnail for Censorship and "Unlearning Liberty" at College: Q&A with FIRE's Greg Lukianoff16:21
Censorship and "Unlearning Liberty" at College: Q&A with FIRE's Greg Lukianoff
ReasonVids
934 views
Thumbnail for Are These Vulgarity-Spouting Birds a Threat to Democracy?3:55
Are These Vulgarity-Spouting Birds a Threat to Democracy?
ReasonVids
1005 views
Thumbnail for he was right way more than will ever be acknowledged0:42
he was right way more than will ever be acknowledged
voatcatbox
510 views
Thumbnail for California Created Single-Party General Elections And Now They're More Competitive Than Ever.9:46
California Created Single-Party General Elections And Now They're More Competitive Than Ever.
ReasonVids
979 views
Thumbnail for What The GOP Tax Bill Means For Libertarians15:45
What The GOP Tax Bill Means For Libertarians
ReasonVids
755 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
923 views
Thumbnail for Biden's handiwork3:28
Biden's handiwork
bestofsaidit
676 views
Thumbnail for We The Living: Trailer to the new DVD version of the 1942 film based on Ayn Rand's novel4:14
We The Living: Trailer to the new DVD version of the 1942 film based on Ayn Rand's novel
ReasonVids
825 views
Thumbnail for The Independents: Q&A with Kennedy, Matt Welch, and Kmele Foster4:18
The Independents: Q&A with Kennedy, Matt Welch, and Kmele Foster
ReasonVids
883 views
Thumbnail for How a Local Blog Broke the Kelly Thomas Story: A conversation with Friends for Fullerton's Future8:06
How a Local Blog Broke the Kelly Thomas Story: A conversation with Friends for Fullerton's Future
ReasonVids
987 views
Thumbnail for Remy: Savage (Megan Thee Stallion Coronavirus Bailout Zoom Parody)1:25
Remy: Savage (Megan Thee Stallion Coronavirus Bailout Zoom Parody)
ReasonVids
919 views
Thumbnail for Hong Kong Protesters Combat the Surveillance State7:47
Hong Kong Protesters Combat the Surveillance State
ReasonVids
1181 views
Thumbnail for Oregon Legalizes a Breakthrough Treatment: Magic Mushrooms7:13
Oregon Legalizes a Breakthrough Treatment: Magic Mushrooms
ReasonVids
907 views

points

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