Kit Bond: Consumer protections are a bad idea

Sen. Kit Bond came out against a proposed Consumer Financial Protection Agency on CNBC this morning, which would be tasked with "protecting the average American from an often bewildering and sometimes predatory array of financial products."  Bond's confusion about his own mortgages seems to be a good indication that we need more decipherable and understandable financial products, but that didn't seem to faze him.

The big banks oppose the new rules, but seeing how their own greed and bad decisions on this very subject sparked our current financial crisis, I'm not sure they have much standing to complain.

 

 

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