Your consistent opposition to the creation of a “functionally independent” Consumer Financial Protection Agency is both troubling and confusing. Critically, this is a stark instance where motivations can clearly and easily be ascertained and the simple question remains: Senator Shelby, are you going to protect the interests of “Wall Street” or are you going to protect the interests of the people of Alabama and America? Further, how are you going to possibly explain to the voters of Alabama that you actually want “Ben Bernanke” or “Tim Geithner” to have even more power over the American consumer? This seems an indefensible position? There can simply be no gray area…this is the clearest and brightest of lines. The American people of all parties and backgrounds are suffering greatly at the hands of the banks and credit card companies and you and others are in a unique position to help them in supporting the creation of this autonomous agency.
Americans and Alabamians should no longer be forced to tolerate purposefully complex and incomprehensible twenty page credit card applications, constant barrages of mysterious extortive fees or any number of other abusive practices. Having pages and pages of complex jargon on an individualized credit default swap contract is one thing…very few Americans are required to understand such things…But having the same level of complexity in contracts for standard credit cards that the majority of Americans carry seems purposefully deceitful. How could anyone in the general public be expected to understand these contracts fully?
Another confusing aspect regarding conservative opposition to the CFPA is the fact that the creation of this independent agency is something that would seemingly appeal to those who would strongly favor competition…as it would help to stabilize and encourage true market forces. Decreasing banking and financial services abuses would also allow and encourage the good actors in the industry to compete on a level playing field as they would be again be rewarded for sound and responsible business practices. This agency would also substantially benefit the greater economy by helping to restore waning consumer confidence, security and systemic trust. Most critically for recovery, justifiably untrusting consumers may well need this type of independent assurance in order to invest with confidence again! In this sense, opposition to the creation of this wholly independent agency would be extremely shortsighted as it could be seen as a crucial element in helping to restore real and desperately needed economic growth across all sectors. This would truly benefit “every” street in America…including Wall Street…and that should be the true goal.
Senator Shelby, please again work closely with Senator Dodd and FDIC Chairman Sheila Bair on enacting Professor Elizabeth Warren’s original concept of a “Functionally Independent” and effective Consumer Financial Protection Agency. The people of Alabama and America desperately need your help.