New at Reason: Katherine Mangu-Ward on the New Consumer Financial Protection Agency

October 23, 2009

Payday loans are hardly the stuff of high finance: You bring in paper to prove that you have a job and a bank account, and someone gives you cash. And payday loans had nothing to do with the financial crash of 2008. But the president and Congress haven't let that stop them from lumping in payday lenders with high-risk financial instruments and regulating the heck out of them. Senior Editor Katherine Mangu-Ward examines the results of a committee vote on the Consumer Financial Protection Agency.

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