Why the CFPA is Dead in the Water
Besides Dodd housing the new regulator within the Fed, we have this to combat if you support an independent regulatory agency.
According to Bloomberg News:
March 24 (Bloomberg) — Americans are leery about creating a new federal agency to make consumer-protection rules for mortgages and credit cards and would prefer to enhance the existing powers of banking regulators.
Most people interviewed in the Bloomberg National Poll say they don’t like Wall Street, banks or insurance companies and favor letting the government punish bankers who helped cause the worst financial crisis since the Great Depression.
Almost seven out of 10 people surveyed support using current bank regulators for consumer protection, backing positions held by the financial industry and Republicans over President Barack Obama’s proposal to establish an independent agency.
It does not seem likely that Obama and Co. will opt for a strong regulator housed outside of the Federal Reserve. Though, since people seem to think they work against public opinion, maybe this is a good sign.