Last week's U-B editorial regarding oil speculators was a great call to action for Congress to use its power to reign in high oil costs. It refers to the Consumer Financial Protection Bureau as the cops on Wall Street, but the CFPB is under attack.
The CFPB was established as part of the Wall Street Reform and Consumer Protection Act to be the first federal agency dedicated to protecting consumers.
Although the CFPB Implementation is scheduled to go into effect on July 21, the U.S. House of Representatives recently took budget action to reduce funding for the CFPB from $143 million to $80 million, using political action to hamstring the CFPB before it can even get to work protecting consumers.
Professor Elizabeth Warren, appointed by President Obama to run the CFPB, recently testified before Congress to defend funding of the CFPB. But she is fighting powerful interests' influence over the House of Representatives and needs our help.
Unless we want another economic meltdown, we need Congress to allow Elizabeth Warren and the CFPB to work as cops on the financial beat to protect consumers.
Congress, please let the CFPB protect consumers and provide them with the tools they need to get their job done!