Going to stray out of my comfort zone for a moment to comment on and clarify a recent post I saw over at Felix Salmon's place. In short, Felix notes how confusing most retirement investment documents are, and hopes for action by the new Consumer Financial Protection Bureau.
If only. CFPB can do debt and payment systems (checking accounts), but can't do investments or insurance–where arguably the need is even greater. Congress saw to that with §1027 of Dodd-Frank. See, e.g., subparts (f), (i), and (g).
Comments
2 responses to “The Most Important Consumer Product”
What’s the need? There is ample evidence that professional investors don’t know what they’re doing either (Madoff, toxic securities, etc). Leaving the CFPB out maintains a level playing field. 🙂
I agree CFPB should be out otherwise it will not a level playing field.