Niki Tsongas: “Americans have long demanded reliable consumer protections for goods and services. Much as snake oil cures, flammable…”

“Americans have long demanded reliable consumer protections for goods and services. Much as snake oil cures, flammable children's sleepwear, and lead toys were once commonly found in the marketplace, predatory lending, hidden fees, and skyrocketing interest rates are shamefully common today, with little oversight on behalf of the consumer. This failure has had devastating consequences for our Nation, and was one of the principal drivers of the financial crisis that resulted in a deep depression. A strong, independent Consumer Financial Protection Agency would have the ability to rein in the worst practices of the big credit card companies, banks, and other large financial institutions, placing the consumer on a level playing field. It would also help responsible institutions like community banks and credit unions by requiring their competitors in the unregulated shadow banking world to play by the same consumer rules. I call on the Senate to follow the House's lead in including a strong consumer rights agency in financial reform.”