The Consumer Financial Protection Agency Act

No matter how hard I vow to stay away from politics and focus strictly on writing, I am continually drawn into the debate by the tomfoolery of this administration. I’ve remained mute on the pending health care legislation (partially because to add my voice to the clamor does nothing for the national discourse, and partially because I don’t want to be lumped in with the idiots on my side who are spreading disinformation), but the pending Consumer Financial Protection Agency Act is something that I can’t really countenance.

The U.S. Chamber of Commerce has started a website called StopTheCFPA.com. The information on the website itself is actually fairly vague. It contains a great deal of language that is designed to push the buttons of reactionary Republicans and Libertarians without providing real substance about the desires of the current aministration. I disagree with the approach. I’d prefer to see such a site reflect portions of the bill  with a breakdown of why each section is bad for the concept of a free market economy.

What I can get behind is the idea that a new federal agency that is tasked with recordkeeping and regulation is not in my best interest. It violates my privacy (please, no arguments about the wicked fleeing, blah, blah, blah), which I believe is an absolute corollary to liberty, as framed by our founding fathers. It accumulates more power in places where voters can’t touch it by giving delegated legislative authority to those that are going to be appointed by some of the most radically leftist policy makers of the past fifty years (arguably since FDR).

If restricting consumer choice in financial markets is truly the way to protect the American public, then why can’t this be handled with a minimum of direct legislation from Congress, rather than by an agency who must justify its existence year in and year out with new regulations, fines, and audits? The goal of such an agency should be to protect the financial well-being of our citizens. Instead, it will become a tax dollar consuming monster that has the power to place caps on the means and types of investing available to us.

Do yourself a favor and read the act. Then ask yourself if another federal agency is really a good idea. If not, follow the link above and notify your congressional leadership.