Many good people are very upset with the phrase financial and banking regulatory bill into law that will create an all new consumer protection agency in credit, mortgage and banking industry. This upsets them because they thought we had the FTC or Federal Trade Commission. Thus, some are now saying that one of them needs to close. But which one is the new consumer Banking Regulatory agency or an old stogy FTC, actually a great question, but who says we need to close either of them.
For example, one big complaint of mine has been a viewer watching? In other words, the essence to ensure regulators do right? Some say it is the work of the Court, which decides on the cases, but such cases have cost millions of dollars to pursue, and most companies settle out of court to protect its brand and to save for the long drawn-out process and legal fees.
Worse, what happens when one reaches the other by using one of these institutions? Do not think that happens? Some think tanks believe that over 50% of consumer cases not actually come directly from consumers but from inquiries from politicians as supporters finance campaigns, from class action lawyers who stand to gain substantially or from competitors trying to slow down their competition in the market . It makes perfectly good sense to someone who watches all this unfold in the real world, but most consumers do not understand that at all.
Furthermore, the supervisory action or investigation is open to regulators work very hard to find fault, even if it is not actually harm or rules broken. Another big issue, and to make it worse, regulators often use the media shaming to present their work, next year’s budget, and to use this as a method of enforcement, or set an example to the industry. The entire course is well above present projects, but these days it has become their mission.
Thus, we need regulatory agencies that have the power to go after each other. For example, if the FTC was to promote their own success by sending out press releases versions to 11,000 news outlets online, just summons against the company, and that press release is misleading, it is false advertising and marketing to consumers, voters, the taxpayer is, and the American people. The criminal charges against the people in the party who intentionally mislead the public. See the point?
So, let’s not close the FTC generally, further expose their deeds when they break the law, or purpose very law they promise to comply. Then if the DOJ wants to close that little organization, it will have good reason to immediately. Please consider all this.