New at Reason: Anthony Randazzo on Obama's Plan for a Consumer Financial Protection Agency

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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