Daily Kos: Financial Reform and Exploding Toasters

Daily Kos recently blogged about our webinar with Professor Elizabeth Warren and AFR’s other efforts, including a new partner site to fight back against the Chamber of Commerce’s lies.  The blog entry says:

In a conference call for Americans for Financial Reform this week, Elizabeth Warren explained why an independent CFPA–either it’s own agency or with independence within an agency–is critical to reform. One of the reasons why consumer protections have failed at the federal level is because of a structural problem–the issuers of consumer products have always been regulated, rather than the products themselves. There are seven different agencies that have some responsibility for consumer protections, but none of them have consumer protection as their primary regulatory job, and thus there’s no real accountability in the existing system for any of these agencies to protect us. What’s worse, about 75% of the operating budget for many of these agencies comes from those they regulate–the regulators have ended up competing for business from the financial industry, leading to a light regulatory touch.

Click here to read the full article.