In contrast to popular belief where it is believed that American people want less control and regulation from the government, many polls show that most Americans are unsatisfied with the US economy and they are willing to welcome greater financial regulation of Wall Street and other financial institutions from the US government.
What is the status of this bill?
The bill has passed the house of representative and then will go to the senate floor for a debate.
How does it impact you as a consumer
Consumer Financial Protection Bureau will be a new governmental bureaucracy is supposed to protect the consumers from abusive lenders, credit card banks, and financial institutions. This bill will also ban or limit excessive fees and interest rates by the lenders while it also puts some focus on educating the consumers about their rights as well as educating them more about “financial literacy”.
Critics of this bill believe more governmental control and regulation may harm the economy further as it may put the already trouble financial institution under more stress of regulation limiting their revenue hence resulting in more layoffs and job loss.