by Terry Gresham
What has Obama done? What happened to HOPE? Where has he been the last couple of years? How is a nation to survive? Where is this guy taking America? Is there anything that this President has contributed to the great institution called America? Are average citizens safe in this country? How are we to get good leadership these days? Is Obama out to make me look bad? What? What? What? Why? Why? Why?
These questions and more will be discussed in an Okieprogressive segment called: Talking the President’s Progressive Achievements.
Segment 3: President Obama Signed Landmark Wall Street Reforms into Law
Here’s another one for ya. President Obama created the Consumer Protection Bureau. This ensures that consumers get what they need to make the financial decisions of their lives. This is to make sure that prices are “clear up front, risks are visible, and that nothing is buried in fine print.” No individual should be ab;e to put together and implement “a business model around unfair, deceptive, or abusive practices.”
This means that for the first time, the Federal government will be able to regulate the activities of independent payday lenders, private mortgage lenders and servicers, debt collectors, credit reporting agencies, and private student loan companies. – The White House bog
The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
Above all, this means ensuring that consumers get the information they need to make the financial decisions they believe are best for themselves and their families—that prices are clear up front, that risks are visible, and that nothing is buried in fine print. In a market that works, consumers should be able to make direct comparisons among products and no provider should be able to build, or feel pressure to build, a business model around unfair, deceptive, or abusive practices.” – CFPB
The CFPB comes not without powerful opposition and a great amount of disinformation. Simon Johnson’s writes on this aspect at The Baseline Scenario stating that:
“In Washington, before lobbyists try hard to destroy something, they first spread a great deal of disinformation about it….
This is the first stage in a careful and orchestrated campaign to undermine and eventually destroy the agency, with the ultimate goal of allowing some irresponsible elements in the financial industry to go back to the disgusting ways of 2000-08.” – Simon Johnson
I recommend a stop over at The Baseline Scenario: Disinformation About The Consumer Financial Protection Bureau.
Another piece by The Baseline Scenario, Where Is The Volcker Rule? makes things more clear. The intent is “to cut banks down to size and return them to their historical role of intermediating between savers and borrowers.” The bottom line is that some institutions want to continue practices harmful to the American people. That’s what disinformation is all about.
Whatever your broader issues with the Dodd-Frank Act of 2010, one point about legislative intent in this legislation is clear: the regulators have the authority to cut banks down to size and return them to their historical role of intermediating between savers and borrowers.
I don’t know about anybody else but I’m mad as hell. In the last couple of years here in Oklahoma, I haven’t done for my country anything matching this “cut banks down to size and return them to their historical role of intermediating between savers and borrowers.”
Damn that Obama! Curses! In comparison, I ain’t done squat.
Well, that concludes this installment of …
Talking the President’s Progressive Achievements.
Tune in next time to take a look at President Obama’s:
- Consumer Financial Protection Bureau
- Ending U.S. combat operations in Iraq
- Repaired relations with allies
- Results on Environmental Policy
- Leveling the playing field for workers
- Landmark Wall Street reforms
- Innovation and reform in public education
- LGBT Equality
- Equality for women
- Fighting for working families
- Health insurance for 32 million
- Cutting health costs for small business
- Regulating big tobacco
- Ending Bush torture policies
- Nuclear arms reduction
- Ordering closure of CIA detention facilities
- Getting a seat on UN Civil Rights Council
- Doubling fuel efficiency standards
- and more
Talking the President’s Progressive Achievements #1 Wall Street Reform
Talking the President’s Progressive Achievements #2 Wall Street Reform
Talking the President’s Progressive Achievements #4 Women’s Equality