July 30, 2010
New Bureau of Consumer Financial ProtectionMore bureacracy. You can access a nice summary of the Dodd-Frank Act aka the "Wall Street Reform and Consumer Protection Act" here and all 2300 pages of the act here. The new law creates a Bureau of Consumer Financial Protection "dedicated to monitoring and enforcing federal consumer financial protection laws" of which several sources have suggested that Prof. Elizabeth Warren should be the first director. According to the summary, "The Bureau will have separate offices for Fair Lending and Equal Opportunity, Financial Education and Service Member Affairs, as well as separate units for Research, Community Affairs and Complaints." Sounds like a bunch of more billions of government.
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