All you ever wanted to know about the CFPA
Robert Kaiser has a detailed history of how Elizabeth Warren's Consumer Financial Protection Agency entered the policy discussion, got sold to the Democratic presidential campaigns, and got watered down when sent to Congress. That last, of course, is an ongoing process.
But the game's not over, or close to it. As the Obama administration toughens its financial regulation package to draw clearer cleavages with the GOP, expect the CFPA -- which is one of the only pieces of the legislation anyone can understand -- to emerge as a very big issue going into the midterms. The public option of financial regulation, if you will. So now's a good time to study up on it.
By
Ezra Klein
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February 1, 2010; 11:45 AM ET
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Financial Regulation
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Posted by: umesh409 | February 1, 2010 12:27 PM | Report abuse
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"The public option of financial regulation..." but without consequences to Fed Budget - at least that is how Public perceives it and in all probability that is what the case is.
This means, yes chances of passing it are high. So whether such consumer finance protection agency bill passes or not; it is a clear indication of the 'proxy battle' between Big Money, their sympathizers (more in GOP but substantial in Dem as well) and the common public.
As far as a political fight goes, this one will be as pure play as you get when it comes to the influence of 'big money and lobbyist'.
Will Obama and American Public prevail? No idea. If you want me to force to bet - I will bet that 'Big Money' eventually wins. Seems like a no brainier and consistent with our political history in recent years.
Bernanke confirmation - that one is in the camp of 'Big Money' win and he will in all probability not be that enthusiastic about any such consumer finance protection agency with teeth.