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Argument: 2010 financial reform offers important consumer protection

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Supporting quotations

"Jim Webb: The case for financial reform." August Free Press (Virginia). May 12, 2010: "Consumer protection. Abusive lending practices have proliferated in recent years, with little oversight or regulation. I am a cosponsor of two amendments that would crack down on outrageous credit card rates, by allowing states to regulate interest rates within their own borders—as they could prior to 1978—and by capping the maximum allowable rate at 15%. I also voted to preserve a strong, independent consumer protection agency that will have the ability to conduct meaningful oversight, while exempting smaller banks and other businesses from potentially onerous regulations."

"Pros and cons of Obama’s financial reform proposal". By Edward L. Yingling. The Hill. May 2010 "Simply put, banks cannot operate safely and soundly if they are mistreating customers. If the financial crisis has taught us anything it is that good underwriting is at the essence of both good consumer protection and good safety and soundness regulation."

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