Apparently, there is new legislation on the rise that is aiming to create new consumer protection laws, which would be great news for just about everyone in the country – if it can get off the ground. This comes eighteen months after the huge financial crisis with the subprime mortgage lending scandals, and officials are saying that new financial reform bill would protect against future crises, should any arise. The new legislation would give the Federal Reserve power to regulate the biggest players in the financial system and also creates a new consumer protection agency, which could put a stop to government bailouts of companies that are “too big to fail.”
The bill has been met with skepticism and even scorn from those against setting up a new federal entity, which could curtail activity of financial companies, but honestly who is buying that? Consumers will be the winners, with new protections, though many are saying that consumers are going to be losing in the deal with higher costs and more limited credit access. But in a time when credit is just another word for “debt,” what’s the point? If this bill makes people safer and prevents idiotic companies from screwing the pooch again, I say we go for it.