How can the G.O.P. be so determined to make America safe for financial fraud? -PAUL KRUGMANQuicklink submitted by Susan Lee Schwartz Permalink
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|'...the Consumer Financial Protection Bureau is 'a stand-alone agency with its own funding, charged with protecting consumers against financial fraud and abuse...Senate Republicans are going all out in an attempt to kill that bureau... you might ask that while we need protection against financial fraud, why create another bureaucracy? 'The answer is that existing regulatory agencies are basically concerned with bolstering the banks; as a practical, cultural matter they will always put consumer protection on the back burner'...'Republicans are demanding that the protection bureau lose its independence and its actions subjected to a veto by other, bank-centered financial regulators, ensuring that consumers will once again be neglected, and they also want to take away its guaranteed funding, opening it to interest-group pressure. These changes would make the agency more or less worthless.'|
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