When I first heard about the Consumer Financial Protection Bureau (CFPB) as part of Dodd-Frank, it sounded like one more government agency that would wind up toothless, a symbol of good intentions thwarted by harsh political realities. I doubted that any real power would be vested in the CFPB and figured it was being used for soundbites rather than meaningful reform. In this longread, the author argues that the CFPB can and should be more. He explains why the CFPB is distinct from other regulatory agencies and lays out a strong case for why its success is essential to protect the 99% and ultimately to advance the long-term interests of the financial sector as well.
"Too Important to Fail" by John Gravois
Published in the Washington Monthly, July/August 2012
http://www.washingtonmonthly.com/magazine/julyaugust_2012/features/too_important_to_fail038413.php?page=all&print=true
Eric
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