James Pethokoukis

About that Consumer Financial Protection Agency …

June 17, 2009

Andy Busch of BMO Capital Markets doesn’t like the look of it one bit:

Lastly, the plan wants to create an new regulatory body to oversee consumer financial products. The Consumer Financial Protection Agency or CFPA would have broad powers to regulate all aspects of the sector from mortgages to credit cards to bank accounts. While President Obama has expressed his desire that this new agency not regulate interest rates on credit cards, I would imagine it would be difficult to control once it gets into operation. Mortgages, home equity loans, debit cards, and credit cards would all come under some committee in Congress and have sweeping authority to set rules.

Hey, what about taxes and housing policy?

June 17, 2009

Arnold Kling makes some good points about what is missing in the White House financial reform plan:

My quick spin on Obama’s financial reform plan

June 17, 2009

After perusing the 85-page draft,  a few brief thoughts come to mind, though more later: