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New federal agency: Needed or not?Posted Wednesday, January 4, 2012, at 1:55 PM
President Obama's appointment of Richard Cordray as director of the new Consumer Protection Bureau allows the federal agency, which oversees what the Associated Press lists as "mortgage companies, payday lenders, debt collectors and other financial operations" to go to work.
Republicans are expressing outrage, Obama's sounding defiant and, as happens so often the issue has become politicized. The president made his appointment while Congress, with many members opposing the agency;s potential power, was away.
It's the perfect issue in an election year: Another federal agency added, and more controls over business.
But sometimes protecting others should come first over political ideology. Is this one of those cases, considering so many victims are mistreated and misused financially by some of these types of companies?
And I'll grant that it could be argued that no one's forcing customers to do business with them.
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David Melson is a copy editor and staff writer for the Times-Gazette.
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