Democrats Must Push for Financial Reform (because the Republicans are not)

While I am encouraged by the House's passage of the Consumer Financial Protection Agency (CFPA) Act of 2009, I hope the Senate will advance even more effective reforms that will protect investors and strengthen our capital markets while adding new layers of government protections for consumers.
As the House bill currently stands, it can have significant consequences that benefit consumers, rather than protecting the interests of mega-corporations.
First, the CFPA will reduce choice among financial products and result in higher prices for those that are offered. The bill gives the government broad discretion to regulate the types of products available thereby protecting the consumer from such outright greed as we have seen during the Bush administration.

Second, the scope of the bill is broad and sweeping, encompassing many businesses that accept credit cards. Thus, the legislation would give the government badly needed regulative authority over millions of businesses across diverse industries.

Lastly, we MUST improve regulation from the ground-up, ensuring existing regulators have the tools they need to protect consumers while guaranteeing these protections through federal regulatory measures. We need legislation that will weed out the bad actors that push predatory consumer products or fraudulently mislead consumers about the products they sell. And we need to simplify disclosures to provide consumers with the information they need in a clear and concise manner that will allow an informed and responsible financial decision. Please consider strengthening the Consumer Financial Protection Agency Act as it comes to the Senate for consideration.