This idea underlies the Obama administration's proposal for a Consumer Financial Protection Agency.
One might have thought that a proposal to overhaul consumer finance would await a determination of the role of consumer credit practices in the crisis.
But he contends the proposal would not protect consumer rights, and instead favors large vendors and software companies.
In an analysis of voter intentions that showed strong support for the measure, researchers at Oklahoma state university say the proposal could add to consumer confusion.
His proposal also included a chained Consumer Price Index, which takes into account changes in quantity and prices of products, and an increase in the age of eligibility for Medicare, according to a source familiar with the talks.
This proposal complements the ongoing efforts of the Consumer Financial Protection Bureau and the Department of Justice to implement reforms that will prevent the mistakes of the housing bubble from repeating themselves and provide homeowners with a Bill of Rights.
There is much to like about this proposal, but it should come with a consumer warning: There is a lot less to this plan than meets the eye.
Now, that having been said, I don't doubt, and you see it in reports today, very organized, very powerful special interests that will oppose the creation of the consumer agency or different aspects of the proposal.
The American Bankers Association scored a victory today when the Federal Reserve agreed to increase the amount banks can collect from merchants each time a consumer swipes his debit card from its original proposal.
FORBES: Fed Gives In To Banks, Eases Debit Card Fee Proposal
And although not supportive of the proposal, Prof Collin agreed that "cigarettes aren't normal consumer goods, and shouldn't be available to purchase any time anywhere".
Banks are up in arms over the proposal, saying that cutting the fees will lead to limits or new consumer charges on debit-card use.
And this week, the allies of banks and consumer finance companies launched a multimillion dollar ad campaign to fight against the proposal.
WHITEHOUSE: Weekly Address: Time for Action on Financial Reform for the Economy | The White House
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