Home > Uncategorized > Obama pushes consumer protection agency

Obama pushes consumer protection agency

This article is about the proposed form Obama to pushed Consumer Financial Protection Agency, Obama made his strongest push for the creation last Friday. The Obama administration sent Congress its proposal for a Consumer Financial Protection Agency in late June. The proposal has been met with disdain from banks and big business.   Obama believe that the system can do better, but with the influence of big banks on Congress is difficult to regulate banks. The U.S. Chamber of Commerce launched an ad campaign opposing the proposal, featuring a butcher and baker concerned about its possible impact on their business. The U.S. Chamber of Commerce disagree that a massive new federal agency with unprecedented powers over the already existing program, because the new agency will just get in others’ way.

I think the President Obama, should stop trying to get on the hands of every single institution.  These country was creating on the believed of private property, even when we already have in institution that control all the Commerce in U.S. is not enough for Obama. If Obama create a new institution strong enough were investor won’t make profit and loaning money. Institutions will start changing to another kind of business, if Americans don’t have credit the whole country would go downhill. Obama is playing with the future of the country just to show the whole country the he is super powerful, but the only true is the he is playing with the future of all Americans.

http://money.cnn.com/2009/10/09/news/economy/obama_consumer_protection/index.htm?postversion=2009100915

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