U.S. Rep. Brad Miller wants to centralize lending oversight.
The Raleigh Democrat has co-sponsored a bill that would create a new Financial Product Safety Commission that would enforce consumer protection, evaluate lending practices, coordinate enforcement with state and federal regulators and issue public reports.
Currently, at least 10 different federal agencies have responsibility for loans and other consumer financial products. The new agency's name mimics the Consumer Product Safety Commission, an independent government agency that regulates safety of consumer products.
"Our economy is in a deep hole dug by the financial industry," Miller said in a statement. "For years they defended every consumer lending practice, regardless of how predatory the practice appeared on its face, as necessary to make credit available to ordinary Americans."
Miller played a key role in bankrupty reforms being considered by the Senate. He is working with Rep. Bill Delahunt of Massachusetts and Sens. Dick Durbin of Illinois, Chuck Schumer of New York and Ted Kennedy of Massachusetts on this bill.
The bill has been endorsed by over 55 national and state organizations, including labor unions, civil rights groups and consumer protection advocates such as the Center for Responsible Lending in Durham.
Comments
Re: Miller: Centralize lending oversight
March 10, 2009 - 6:32pm — fiestamomWhy don't you talk about the GREED of the US government?
Re: Miller: Centralize lending oversight
March 10, 2009 - 5:48pm — blackdogDeregulations led to the abilities of the greedy to get us in this mess in the first place. New modernized regulations need to be put into place NOW, before there is more damage. Transferral of money to places like Dubai also needs to stop. Reganomics seemed logical, but the greed factor wasn't accounted for. Wall street spent billions in Washington to make trillions. That's TRILLIONS with a capital T. Banks need to be limited in size to reduce liability also. They were not too big to fail after all.
Re: Miller: Centralize lending oversight
March 10, 2009 - 3:09pm — MattMGreat, just what our economy needs. More regulations, more hoops to jump through, and more Congressional busywork. If the current agencies were worth their salt this wouldn't be needed in the first place. The last place I would look for responsible policies is this Congress.
Re: Miller: Centralize lending oversight
March 10, 2009 - 2:34pm — robdarichBrad Miller not invoking God? That's new.
Re: Miller: Centralize lending oversight
March 10, 2009 - 12:44pm — fiestamomMore power to them if they ARE sending their money off shore. If only I had the means to avoid the taxes I pay. I don't want my money going to pay for other people's mortgages!
Re: Miller: Centralize lending oversight
March 10, 2009 - 12:23pm — AquaManwhat about oversight of the so-called 'secrecy juristictions' where a lot of the corporate greedheads have spirited their money to to avoid taxes? More info at the web site: Offshore Watch and also at the Tax Justice Network.
Re: Miller: Centralize lending oversight
March 10, 2009 - 11:51am — fiestamomCentralize lending oversight? What about centralizing Congressional spending oversight? Miller just voted to authorize Obama to spend more money than any person in history. Miller has voted to saddle my children and my grandchildren with massive debt. Miller voted to authorize Obama and Pelosi's largest spending bill ever. Miller's yes vote quadrupled the national deficit.
Where's Miller's concern for his constituents (like me) whose investments have lost half their value? Where's his concern that the cap and trade bill will cost 4 million American jobs and cost $700 per American family?
But, thanks N&O for printing Miller's press release.