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Wednesday, July 15, 2009

Corker Blasts Proposed Consumer Agency: Who Needs Regulations Anyway?

Posted by Jeff Woods on Wed, Jul 15, 2009 at 5:29 AM

Bob Corker is among the Senate Republicans criticizing White House plans for a new agency to protect financial consumers. It would take over consumer protection duties on mortgages, credit cards, payday loans and other products. Given our financial crisis, it would seem there's an obvious need for stronger regulation here. But Republicans say it will hamper innovation and consumer choice. Corker calls the proposal "an example of this administration being Big Brother" and "a tremendous overreach" that would limit what companies could sell and consumers could buy. "This is way out of bounds," he says. Is it relevant to observe at this point that Corker isn't up for reelection until 2012, but finance companies gave him $500,000 during the last election cycle?

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Corker...whatta sold-out nutter.

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Posted by Elmer Gantry on 07/15/2009 at 7:05 AM

Bobhorn Leghorn says it will hamper innovation. I'm sure it will, Bob -- like some of the innovations buried in the pages and pages of tiny print that come with the contract for your credit card. It was startling the other day to read a comment by a Harvard Law professor who may be tabbed to head the agency. She noted that even she -- a professor who teaches contract law -- couldn't decipher the meaning of some of the wording in credit card contracts she had examined.
You'd think that, after the market's recent experiences with derivatives, subprime loans packaged as investments and the like, our leaders would favor a little less innovation by the jokers who brought you the recent financial collapse.
This just tells you who's paying Bob's way.

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Posted by BoydBBiggs on 07/15/2009 at 9:22 AM
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