Yesterday, the White House released proposed statutory languagefor the creation of a Consumer Financial Protection Agency (CFPA). The bill is long, but the CFPA, the brainchild of our co-blogger Elizabeth Warren, is by far the boldest part of the Obama financial restructuring plan. I’d also venture to say that it is the most important.
In this post I want to underscore why we need a CFPA. In future blog posts, I hope to come back to what a CFPA will and won’t do.