October 9, 2009
Later this afternoon, President Obama is
scheduled to give a White House speech reiterating his support
for the creation of a Consumer Financial Protection Agency
(CFPA). Obama first proposed the idea in June as a part of his
grand plan to overhaul Wall Street regulations. But as Reason
Foundation Policy Analyst Anthony Randazzo writes, in its current
form, the CFPA will pile on burdensome new rules, restrict
innovation, hurt small businesses, increase the cost of doing
business, spawn a massive bureaucracy, and create severe
conflicts between state and federal law.
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