Financial Aid

What's wrong with the proposed consumer-finance watchdog? Not much, actually

Illustration by Carl Wiens for TIME

Of the many proposals the Obama Administration has put forward for redoing financial regulation, the simplest and most straightforward has got to be the creation of a Consumer Financial Protection Agency (CFPA). Maybe that explains why it's also the most controversial.

Banks hate the idea of a CFPA and reportedly plan to spend millions of dollars on TV ads and other efforts to thwart it. Members of Congress are griping about the way it steps on the toes of existing agencies they like. And those on the political right have taken to characterizing the CFPA as a classic case of Democratic...

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