Democrats have said the proposed Consumer Financial Protection Agency would help to reach across various businesses to stop fraud and abusive practices. That regulators didn’t monitor nonbank institutions like mortgage brokers was considered a major factor in subprime lending abuses that led to the housing market crash.
But there’s plenty of fine print that will limit the new agency’s scope.
Under pressure from industry, the Financial Services Committee has carved out numerous exemptions to agency oversight, including retailers, auto dealers, real estate brokers, lawyers, cable companies and accountants.
More government oversight designed to rip off the hard working middle class tax payer.