Senate Republicans are determined to prevent the creation of an independent Consumer Financial Protection Agency because they consider it as threatening as their current arch-nemesis regulator: the Environmental Protection Agency.... "From the Republican point of view, the idea of a separate agency is still anathema," said Sen. Robert Bennett of Utah, a senior Republican on the banking committee. An independent agency, he said, can go too far in the direction of tight regulation without taking into account the effect of the rules it creates on business and the economy. He said he's seen it happen before.... "Can you say EPA?" he asked, lifting his eyebrows. The Republican Party has regretted for years that President Richard Nixon made the EPA independent.
It's been said (moments ago, by me) that people vote Big Business holds real political power. After all, who fills the campaign war chests of Republicans? Who does elected Republicans really, truly answer to? Sure, they'll put up a brave face in pretending that they actually care about the folks back home, but try coming up with an idea to protect those folks and just watch what happens.
The idea of consumer protection should by all rights be a no-brainer. After all, if you can't protect the rights of consumers, all of us are left vulnerable to the greed and avarice of those who care only for the bottom line. Not that all businesses and corporations are mean, nasty, and unethical, but the greed of the few bad apples ruin things for everyone. And if we can't count on those we send to Washington to provide effective, meaningful reguation, you'd be left to think that people like Robert Bennett care primarily for the well-being of the corporate interests the fill his campaign coffers...and you'd be right.
