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
Top-paying jobs Orthopedic surgeons take home a median $410,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More
Fastest-growing jobs Demand for IT security consultants are projected to grow a solid 37% between 2012 and 2022. What other careers on CNNMoney and PayScale.com's list of America's best jobs will see big opportunities? More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.