How do you feel about the Republican decision to have a 5 member commission?

Bad idea. A strong consumer protection agency is key to restoring consumer confidence and getting the economy going again.

A 5 panel board would hamstring the entire agency and make it ineffective. The question is why do republicans support predatory lenders and not consumers.

Repubs protecting their money pockets

The proposal to establish a federal Consumer Financial Protection Agency (CFPA) is at the center of the Obama administration’s overall plans to overhaul financial regulations. This Agency would take certain consumer regulatory responsibility of financial products from seven other agencies and centralize it in one office. It would have the authority and accountability to supervise, examine, and enforce consumer financial protection laws. It will be empowered to make rules, examine balance sheets and issue subpoenas. Any institution that provides consumer financial products such as mortgages, credit cards, student loans, auto loans, payday loans, and other consumer products, including payday lenders and mortgage brokers, will fall under the agency's jurisdiction. The agency would ban deceptive practices and oversee new consumer financial products.

So where did you get all of this?And by the way obama's White House and a lot of his advisors are CEOs. You have hear of the company GE, remember how they didn't pay any taxes last year.

the last thing we need is another government agency to protect us from ourselves. i mean the FDA allows rat poison to go into cigarettes for billions of dollars a year.

"this agency was created specifically to protect Americans from Mortgage companies"

don't be so dramatic, and stop trying to play my hart strings.

wouldn't a CEO be better suited to know about the loan business than whatever tax cheat obama picked?

Well let's think about it. 2 democrats forced their way into being in charge of Freddie and Fannie and even after being warned by Pres. Bush 17 times not to lend money to people who couldnt afford it, they ignored him anyway and caused the housing crisis which led us into the financial crisis we are facing today. That was all brought to you by Dowd and Frank.

So, please provide a link to the full story. I'm glad they said no to Obama and this never ending regulation. That is a big part of why NOBODY IS HIRING IN AMERICA.

Excellent question; but more imperatively speaking; does democracy thrive when the majority rules or the oligarchy regime by self-impose flex their dollars.

Blogger alert. I fell asleep halfway thru reading this Q.

Edit: Sorry if I hurt your feelings...truly. It's a good and valid Q.

Have you watched the documentary "Inside Job"? It's excellent. When you have time: It's here: http://www.youtube.com/watch?v=iFfTcAcGjcU

If the people who are already in place would do their jobs, we would not have to. .

no sounds good if it protects people from greedy banks etc

somebody has to watch obama and mafia henchman