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.

Ultimately--

This creates a floor, and it creates a floor.

regulation must shift in the financial services area from who issued it to what the product is.

Congressman, I can't understand this without seeing what the paperwork is that accompanies them and what the disclosure is that is given to the consumer.

I am tired of it, too.

The agency could say if you will issue a page-and-a-half credit card contract that is readable, a one-page mortgage that is readable and make the blanks clear... you are relieved of other regulatory obligations.

We are trying to say that more legal mandates of ineffective disclosure is not helping the consumer.

I am completely in favor of making these products transparent enough that people can read them, understand them, and make smart financial decisions.

What I really think is that it is time to talk about disclosure in a way that means something.