More good things from this White House

Notice came yesterday from the US House of Representatives that a new agency is finally being created to "regulate home loans, credit cards, savings accounts and other financial services."

The agency is to be called the Consumer Financial Protection Agency.

Let's hope it has some teeth and can do its job and do it well.

It's unfortunate, I think, that we need this additional function in our government and yet another new agency but I think it's important we do, indeed have it.

If we learned anything from the last couple of years, it's what can happen when business isn't regulated so out-and-out theft doesn't occur under the heading of "business as usual."

Considering what's happened to our banking, mortgage and credit sectors and what literally thousands of unscrupulous lenders did, first to their clients and then, ultimately, to our economy, what with our banking and credit crisis and collapse, it seems incredible anyone could voice any complaint about it.

But the bankers and business sector is, let there be no doubt.

The thing is, we need to get the banking and insurance (and all other corporations and their lobbyists and money) out of our government.

And the only way to do that is to have true, complete, bold, in-your-face campaign finance reform, with the corporations thrown out of both the process and ultimate legislative product.

But the American people, sadly, don't connect those dots.

Until that happens, until we all truly revolt for this result, it will remain more of the same, regardless of the political party in power.

There are two things about this, though, that are worth noting--one a question, the other an observation:

First, it would be good to know if this important work couldn't be done within an existing agency, like Commerce or something, so we don't create yet another bureaucracy that ends up living for it's own success.

Second, unfortunately, it's not a sure thing that this consumer protection agency will be created. Bankers and their money being what they are--and our government being how it is, subject to yet more lobbyist's money, etc.--this may not get out of Congress. It's too early to tell.

Sure, we're doing somewhat better now, as citizens and consumers, with this Administration and political party, compared to the previous one but we won't have that true, complete reform unless and until we all push mightily for said campaign finance reform.

That's the only thing that will finally get all the ugly money out of our government that is corrupting the officials, the process and the ultimate legislation.

God, I miss Molly Ivins.

Link:
http://hosted.ap.org/dynamic/stories/U/US_FINANCIAL_OVERHAUL?SITE=TXMCA&SECTION=HOME&TEMPLATE=DEFAULT
http://hosted.ap.org/dynamic/stories/U/US_SHRINKING_FINANCIAL_OVERHAUL_ANALYSIS?SITE=TXMCA&SECTION=HOME&TEMPLATE=DEFAULT