Democratic U.S. Senate candidate Elaine Marshall has started an online petition urging Republican Sen. Richard Burr to support the creation of a Consumer Finance Protection Agency.
Marshall, the secretary of state, said the act would "add simplicity and transparency to financial transactions," Rob Christiansen reports. The measure has the backing of the Obama administration and has been strongly supported locally by Democratic U.S. Rep. Brad Miller of Raleigh, but is opposed by most Republicans and by banking and business interests who view it as another Environmental Protection Agency.
Marshall also backed administration efforts to impose fees on banks to recoup public money paid out during the bailout. And she supports Glass-Steagall-style legislation that would restore the limits on the activities of banks.
"After receiving bailout funds," Marshall said, "Most Wall Street banks invested them for quick profits to pay off the debt instead of lending to businesses to help the overall economy. Now, Wall Streeters are patting themselves on the back with record bonuses once again."
