The head of a consumer watchdog panel is seeking more protection from banks for consumers.
Wired PR News – The head of a consumer watchdog panel is reportedly seeking increased consumer protection from banks. As reported by Reuters, Elizabeth Warren, chairman of the Congressional Oversight Panel of the Troubled Asset Relief Program is expected to request that lawmakers create a government agency that will provide such protections during a committee hearing of the House of Representatives Wednesday.
Warren is quoted in the report as remarking in a prepared statement, “We can help fix the broken credit market. And I can sum it up in four words: Consumer Financial Protection Agency.”
She is further quoted as stating, “The broken credit market has put American taxpayers on the hook for billions in subsidies and trillions in guarantees to shore up our largest financial institutions. … If we do not fix this, we will be hurt again and again.”
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