Protecting Main Street

Last month, the Obama administration called for the creation of a new Consumer Financial Protection Agency. The idea was first mentioned a few years ago by Elizabeth Warren, a professor of law at Harvard, who was named as chairperson to oversee the Troubled Asset Relief Program.
The new CFPA would set standards for consumer oriented financial products such as mortgages, credit cards, payday loans, and overdraft services. The agency would combine duties of other agencies, such as the Fed and the FDIC, into one agency that Treasury Secretary Tim Geithner has said would have "only one mission - to protect consumers."
Let's be clear, having credit and applying for these types of loans are no longer a luxury, but a necessity to survive in 21st century America. The CFPA would simply "create a level playing field," putting more money back into the hands of consumers. This is made evident by the fact that the banking and lending industry has made killing the agency their number one priority, according to the New York Times. Additionally, the CFPA would lead to more economic stability by allowing debtors to know the rules of the game beforehand, meaning that they might actually be able to pay their bills and ultimately not default on these loans.
Obviously for consumers, the CFPA is a great idea. Congressmen Barney Frank believes it will pass, stating "anyone who thinks that we are not going to create this agency is mistaken. The American public wants it." How could they not? Do they enjoyed being deceived and taken by lenders? Obama deserves a lot of credit for pushing this idea, but so does Elizabeth Warren for conceiving it. She is doing her best under drastic circumstances to be the watchdog for the TARP monies, and anyone who has heard her speak on these issues cannot doubt her intelligence and determination to allow everyday Americans to keep more of their money, making it work for them instead of Wall Street.