I think that creating any agency that is allowed to make rules and regulations for financial institutions without having to get congressional approval is irresponsible. It will hold industries and citizens hostage to whatever random political appointees are chosen by politicians. If citizens are not pleased with the appointees, we can't vote them out of office like we can with our elected senate and house members. This sounds like a political scam so that politicians don't have to take the hard votes and can keep raising money from industry without have to ever vote for them or against them in the future.
Also, last time I checked $500 loans from payday lenders did not cause the mortgage crisis which led to a recession. It was bad lending practices in the subprime mortgage lending industry. I have no clue why anyone is even arguing over these small time lenders. What they lend as a whole is such a small percentage of the lending market.
Corker shaping payday loan rules in financial reform package
I think that creating any agency that is allowed to make rules and regulations for financial institutions without having to get congressional approval is irresponsible. It will hold industries and citizens hostage to whatever random political appointees are chosen by politicians. If citizens are not pleased with the appointees, we can't vote them out of office like we can with our elected senate and house members. This sounds like a political scam so that politicians don't have to take the hard votes and can keep raising money from industry without have to ever vote for them or against them in the future.
Also, last time I checked $500 loans from payday lenders did not cause the mortgage crisis which led to a recession. It was bad lending practices in the subprime mortgage lending industry. I have no clue why anyone is even arguing over these small time lenders. What they lend as a whole is such a small percentage of the lending market.