Elizabeth Warren’s Financial Product Safety Commission

Time’s business and economics columnist Justin Fox blogs about Elizabeth Warren’s proposal for a Financial Product Safety Commission, which appeared in the Summer 2007 issue of Democracy. He writes:

This would be the Financial Product Safety Commission, which Warren says could either be part of the CPSC or an independent body. I’m intrigued by the idea. In most financial markets, wary buyers probably do more than any government regulation to keep sellers in line. But Warren is right that credit cards and mortgages are best seen as consumer products, and that the average consumer shouldn’t be expected to fully understand the risks inherent in adjustable rates.

Read the entire posting here.

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