ICYMI: USCC President’s Op-Ed in The Washington Times: “Reforming the ‘Consumer Protector'”posted November 23, 2015
November 23, 2015 – Washington, D.C. – US Consumer Coalition President Brian J. Wise last week penned an op-ed for The Washington Times, emphasizing the bipartisan need for reform at the Consumer Financial Protection Bureau (CFPB).
Read Wise’s op-ed in its entirety here. An excerpt from the op-ed can be found below:
Reforming the ‘Consumer Protector’
The Washington Times
By Brian J. Wise
November 19, 2015
It’s been a rocky five years for the Federal government’s top consumer defender, the Consumer Financial Protection Bureau (CFPB). Since its creation as part of the Dodd-Frank financial reform legislation, the watchdog agency has been mired in scandals that range from spying on American consumers, to massive budget overruns, to racial and gender discrimination. Time and time again, CFPB officials cloistered in the Federal Reserve have refused to be transparent or be held accountable for their spending, their activities and agenda.
Accusations of abuse of power and venturing far beyond its original mandate are well-founded. However, Republicans must realize that doesn’t mean that the original concept doesn’t have value for the American consumer. For their part, Democrats must also come to accept that reforms are necessary to strengthen the agency’s credibility should Republicans recapture the White House next year.
Either way, for the agency to survive and advance its mission of protecting consumers, reform must be enacted prior to the Congressional recess next summer. The political landscape, regardless of who wins the White House, will make it nearly impossible for Republicans to enact the legislation they want to limit the powers of the CFPB, or for Democrats to enact the reforms necessary to strengthen the legitimacy of the agency. If reform legislation is not enacted, American consumers will be stuck with an agency that continues its runaway-regulatory posture while being mired in congressional hearings that have no authority to provide actual oversight.
Read more here.
The US Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.