|
||||||||||||||||
|
Health Care Reform: A $3 Trillion Question
Who’s Watching The Financial Industry?
Elizabeth
Warren, the Harvard law professor who was appointed last year to the
Congressional Oversight Panel on the banking bailout, explains, “We don’t eat
tainted meat, and we don’t drink adulterated milk because we have fairly good regulation.
Financial products are no different. Free markets are not well supported when
consumers are at risk for injury.” It’s
painfully clear that Wall Street placed excessively risky bets that they could
not cover, and they paid executive bonuses on profits that did not exist. It
was taxpayers, small investors, homeowners and our economy that paid the price. Had
the federal government been regulating financial products before last year’s
economic crisis, the nation may have avoided the worst of the fallout. Along
with Professor Warren and more than 200 organizations, Illinois PIRG is calling
for the creation of a Consumer Financial Protection Agency. This July, Illinois
PIRG’s Brian Imus joined Sen. Dick Durbin at a press conference in favor of the
agency, which would have the power to require that credit card and consumer
loan disclosures be written in plain language, and to check predatory financial
products, such as risky mortgages.
|