Corker Blasts Proposed Consumer Agency: Who Needs Regulations Anyway?
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?