“Maryland PIRG commends the President for proposing a bold solution to our broken financial regulatory system that has failed too many Maryland families. We expect that the Congressional battle to enact the Consumer Financial Protection Agency will be long and hard, but worthwhile.
Right now, banks choose from several regulators the one that protects them, not the one that best protects consumers. The President proposes to establish one agency to protect consumers from unfair financial products, so sellers of unfair products will have nowhere to hide. Second, he proposes to once again make federal law a basic floor of protection, but to allow states and their attorneys general to enact and enforce even stronger laws. These are both critical reforms that will be strengthened even more if consumers are granted authority to enforce the new law.
Maryland PIRG plans to work with the President and Congress to pass the strongest possible reforms to our financial system, starting with passage of the strongest possible Consumer Financial Protection Agency. The Wall Streeters and the banks whose greed and unfair practices led to the failure of our economic system will be against us, but every other American should be for reform.”
