This testimony addresses the proposal of the Obama Administration to create a new Consumer Financial Protection Agency (CFPA) which would have the authority to issue and enforce new regulations related to consumer lending products. This testimony criticizes the proposal on three grounds. First,...

"Growing problems in the increasingly one-sided consumer finance markets blew up the economy in 2008. In the aftermath, Congress created the Consumer Financial Protection Bureau. Using stories of individual consumers, Watchdog shows how the Bureau quickly became a powerful force for good, suing...