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Bring Banking Regulation into the 21st Century!

The renegade lending industry has brought our economy into the worst recession since the Great Depression. But now there's a chance to streamline the regulation process and restore sensible oversight of banks and other lenders.

Until now, our country's financial systems have been under various different regulation bodies. Fortunately, a new bill has just been introduced that would put consumer protection first by creating one Financial Product Safety Commission (FPSC) that would oversee financial products like credit cards and mortgages.

We don't risk a one in five chance of electrical shock when we buy a new appliance. We shouldn't have to risk a one in five chance that our mortgage will end in foreclosure, either! But that's exactly what's happened with subprime mortgages. The new FPSC would ban products that don't meet safety requirements, and ensure a level playing field between lenders and borrowers.

The system we have now isn't working! Tell Congress to create a Financial Product Safety Commission.
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Dear Member of Congress,

Please support H.R. 1705/S. 566 to create a Financial Product Safety Commission which would oversee consumer financial products. The current system of oversight clearly isn't working. Consumer financial products need to be effectively regulated, just as drugs, toys and toasters are.

As Professor Elizabeth Warren puts it, "It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street - and the mortgage won't even carry a disclosure of that fact to the homeowner." This has got to change.


- A Financial Product Safety Commission would have consumer financial protection as its main mission, and it would prevent lenders from "shopping around" for the regulator with the loosest standards. Since all lenders would be subject to the FPSC, this agency wouldn't be incentivized to loosen its standards to attract more lenders and the dues they pay.

- A Financial Product Safety Commission would also stay on top of market innovation, responding more quickly and effectively to newly emerging products and practices. This would help ensure better consumer protection and create a more stable economy.

- An FPSC could have outlawed many of the features which made toxic mortgages so dangerous, such as prepayment penalties. Without these loans, the "mortgage-backed securities" which brought down our economy would not have existed.

Please create a Financial Product Safety Commission for the sake of individual consumers and the economy as a whole.

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- A Financial Product Safety Commission would have consumer financial protection as its main mission, and it would prevent lenders from "shopping around" for the regulator with the loosest standards. Since all lenders would be subject to the FPSC, this agency wouldn't be incentivized to loosen its standards to attract more lenders and the dues they pay. - A Financial Product Safety Commission would also stay on top of market innovation, responding more quickly and effectively to newly emerging products and practices. This would help ensure better consumer protection and create a more stable economy. - An FPSC could have outlawed many of the features which made toxic mortgages so dangerous, such as prepayment penalties. Without these loans, the "mortgage-backed securities" which brought down our economy would not have existed. Please create a Financial Product Safety Commission for the sake of individual consumers and the economy as a whole. [Your comments will be inserted here]

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