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Wall Street is lobbying furiously to try to block the CFPA, and Republican congressional leaders have denounced the idea as big-government overreach that would harm consumers by stifling innovation - especially if bank basher (and TARP watchdog) Elizabeth Warren, the intellectual godmother of the agency, gets to run it. Some...

Author: /time Magazine | Title: The Case for a Consumer Financial Protection Agency | 2/17/2010 | See Source »

Some retro critiques of the CFPA as a heavy-handed crimp on free markets reek of apologetics for an industry that's disturbingly reliant on gotcha games. That said, there are at least three plausible arguments - really, a three-part argument - against Obama's decision to declare the CFPA a...

Author: /time Magazine | Title: The Case for a Consumer Financial Protection Agency | 2/17/2010 | See Source »

The CFPA would actually weaken consumer protection. Nobody is defending the recent performance of the Federal Reserve, the Office of the Comptroller of the Currency (OCC) or any of the other financial agencies with current consumer-protection duties. But that doesn't necessarily mean those duties should be transferred to...

Author: /time Magazine | Title: The Case for a Consumer Financial Protection Agency | 2/17/2010 | See Source »

Senator Christopher Dodd, the Democratic chairman of the Senate Banking Committee, recently broke off negotiations with Senator Richard Shelby, the ranking Republican, a politician so committed to bipartisanship that he placed a hold on all Obama Administration appointees to extract some pork for Alabama. Now Dodd is trying to negotiate...

Author: /time Magazine | Title: The Case for a Consumer Financial Protection Agency | 2/17/2010 | See Source »

But conservative leaders were quick to note that they were not seeking to change a recipe that has thus far proved successful for the Tea Partyers, who have made it very clear that they don't want to be tied to any particular party or existing movement. "This is not...

Author: /time Magazine | Title: Can a New Manifesto Woo the Tea Party? | 2/17/2010 | See Source »

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