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: CL&P BlogWill There Be A Financial Product Safety Commission?
By Brian Wolfman
On Tuesday of this week, Senators Chuck Schumer and Dick Durbin introduced Senate Bill 566, which would create a new government agency, the Financial Product Safety Commission, to help consumers obtain financial products and services without being subject to predatory or deceptive financial practices. Sorta like a Consumer Product Safety Commission for financial products. This Harvard Law School webpage highlights the work of Prof. Elizabeth Warren to create an FPSC. It includes a bunch of links, including one to an important article by Prof. Warren and another to her recent appearance on NPR's "Fresh Air" program in which she discussed the FPSC idea. Check out Senator Durbin's press release as well.
UPDATE: Read this press release in support of the bill from more than 50 civil rights, labor, and consumer ogranizations, including Public Citizen, Consumer Federation of America, and U.S. PIRG.
Full post as published by CL&P Blog on March 12, 2009 (boomark / email).
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