Create a Consumer Watchdog Agency like a Financial Product Safety Commission


This afternoon, President Obama will address our nation's financial regulatory system, and he will add his voice to the many supporting the creation of a Consumer Watchdog agency.  Check our blog this afternoon for more information about his upcoming speech. We know that the renegade lending industry has brought our economy into the worst recession since the Great Depression.  Banks and other lenders have escaped government oversight and the results have been disastrous.  Fortunately, Congress is considering creating an agency to watch out for consumers called the Financial Product Safety Commission. No current regulator has consumer protection as its main mission.  The Financial Product Safety Commission would exist just for this purpose, and would regulate credit cards, mortgages, small loans, and other financial products. Click here to tell Congress to create a Consumer Watchdog agency.

The need for a Consumer Watchdog agency like the FPSC is all too clear.  One in five subprime mortgages will end with the family losing their home.  The government would never let stores sell toasters that had a one in five chance of bursting into flames and burning down your house.  Why should mortgages be any different, especially when so much is at stake?

A Consumer Watchdog agency would ban products that don't meet safety requirements, and ensure a level playing field between lenders and borrowers.  For more information about an FPSC, click here.

The system we have now isn't working!  Tell Congress to create a Consumer Watchdog agency like the Financial Product Safety Commission. 

Sincerely,
Sarah Byrnes
Campaign Manager, AFFILNew!  Follow AFFIL on Twitter @AFFILdotOrg

http://capwiz.com/affil/issues/alert/?alertid=13563581&PROCESS=Take+Action