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+--- Thread: US Consumer Protection Agency on the brink of being closed down (/thread-4562.html)
US Consumer Protection Agency on the brink of being closed down - RainbowUnicorn - Nov 28, 2017
http://www.bbc.com/news/world-us-canada-42141367
looks like the US government is about to close down the Consumer protection agency.
i am not surprised.
RE: US Consumer Protection Agency on the brink of being closed down - Syne - Nov 28, 2017
The GOP has always had Dodd-Frank in its sights.
"On April 21, 2010, the CBO released a cost-estimate of enacting the legislation. In its introduction, the CBO briefly discussed the legislation and then went on to generally state that it is unable to assess the cost of financial crises under current law, and added that estimating the cost of similar crises under this legislation (or other proposed ideas) is equally (and inherently) difficult: "[...] CBO has not determined whether the estimated costs under the Act would be smaller or larger than the costs of alternative approaches to addressing future financial crises and the risks they pose to the economy as a whole."
...
Associated Press reported that in response to the costs that the legislation places on banks, some banks have ended the practice of giving their customers free checking.[253] Small banks have been forced to end some businesses such as mortgages and car loans in response to the new regulations.
...
Some experts have argued that Dodd–Frank does not protect consumers adequately and does not end too big to fail."
- https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#Impact