the only tool in the toolbox was the bankruptcy proposal and that was passing the cram-down bill

if the facts suggest that that part of the problem is growing larger by the day, I want to ask the structural question.

That is right, that is what is proposed.

Excuse me, Congressman. They are not interested in consumer protection.

If we make the real point about disclosure, can the consumer accurately understand what you have just done?

I think it is time for change. We need someone in Washington who cares primarily about families, who cares about consumers.

What this agency does is it picks up all of those regulatory burdens that are there now.

Congress will set the standards for this agency, and then ask the agency to go and use its rulemaking authority.

It seems to me if we were talking about rate caps, that would be an appropriate place for Congress to set the larger policy question.

I think that is extremely destructive.

It is essential that this new agency have real power, that they have flexible rulemaking authority, that it be adequately funded, not subject to the starvation by Congress, and that it have real enforcement authority.