Friday, September 4, 2009

From the US Chamber: Beware of CFPA Legislation

More government control and less consumer choice -- starting to sound familiar?Recently, the Administration has proposed the Consumer Financial Protection Agency (CFPA) Act.This new bureaucracy is supposed to protect consumers from fraudulent financial products.The CFPA will actually be a government agency that will design financial products of its own -- and then require private companies to offer these government-designed products.As an op-ed in the Washington Times says:
[They] want to create a new government bureaucracy to control which -- if any -- credit cards, mortgages and consumer loans we are allowed to receive. Yes, there's a troubling trend.
Click here to email Congress today to ask them to oppose the CFPA.The CFPA will actually do far more harm than good for both the financial services industry and consumers at large.It would have unprecedented powers and authority to determine the types of financial products consumers can choose from. In fact, the bill extends far beyond traditional financial services products to a vast majority of the economy - in short creating a new regulatory overlay over the entire business community.Contact Congress today to let them know you oppose another government takeover of American business.

Bill Miller
Senior Vice President and National Political Director
U.S. Chamber of Commerce

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