Get a tougher watchdog

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Marlys Harris, Money Magazine editor-at-large

Finally, we need a government outfit that looks out for us consumers. It's fine to come up with new laws making this or that kind of loan illegal, but lawmakers aren't always going to be able to keep pace with the financial industry's, er, innovations.

We need one strong agency that makes this a full-time job. Call it the Financial Products Safety Commission, as Harvard law professor Elizabeth Warren suggests.

It would approve or disapprove products for sale, set education and licensing requirements for financial professionals who deal with the public, and create uniform disclosures for financial products.

Most important, it would have strong enforcement powers - to issue warnings and recalls and to file suits to block hazardous products. Compared with this year's $1 trillion bailout, these problems may seem like the smallest of potatoes.

But they're big to us. And if you deal with them now, maybe you'll prevent the next crisis. To top of page

Send feedback to Money Magazine
Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
17 cool gadgets that tease the future Smart telescopes, surveillance for dogs, an electric roadster and more from CES 2018. More
These 12 airplane beds let you really sleep on a flight For the price of a premium class ticket, you may just get a space that's comfortable, private, and quiet enough to ensure a good rest. More
CES 2018 kicks off with oddball gadgets The biggest tech show of the year opened with a collection of quirky gadgets. More