If you live in the DC area long enough, you get used to the myriad of government acronyms. I have friends who work for the CIA, DEA, ICE, BATF, IRS, DOT, OMB, FEC, DOJ and a host of others.
I learned about yet another new acronym today. Emily and Cooper over at The Motherhood pointed me to a recent announcement by the White House calling for Congress to form the CFPA or the Consumer Financial Protection Agency. You can read more about it here and here.
The White House, in an effort to expand online engagement, is reaching out to a variety of online communities–including mom bloggers–to take our questions about financial regulatory reform.
FINALLY, someone who wants to talk to me as a mom blogger about something besides diapers! And its The White House no less! I couldn’t be happier that our elected officials are beginning to understand the role of mothers (all parents, really) as financial decision makers and the effect stable markets have on our day to day life.
Upon Emily and Cooper’s encouragement, I submitted the following questions.
1. What effect will the proposed Consumer Financial Protection Agency (CFPA) have on current regulatory agencies? Will regulators and rules be consolidated under this new umbrella? Which agencies in particular will be moved? How long will it take to streamline the process? How will overlapping regulations or loopholes be closed if contradictions exist?
2. Which, if any, provisions will be put in place under this new agency to protect those Americans who practice fiscal responsibility? In other words, which specific provisions will be put in place to make it more lucrative for financial institutions to conduct honest business with financially responsible clients rather than what they can stand to gain by exploiting those who are in desperate financial situations?
Tomorrow, the Chair of the Council of Economic Advisers, Dr. Christina Romer, a mom of three herself, will answer our questions directly by video.
I wonder if mine will make the cut. You know I’ll keep you posted.