I don’t know about you, but the idea of anyone in Washington fuming about fine print while they ram thousand-page bills through Congress that no one bothers to read is, well, triple-snort-worthy:
President Barack Obama asked Congress on Tuesday to create a new agency to police the fine print on consumer products like credit cards and mortgages and determine what fees, penalties and interest rates are fair.
The Consumer Financial Protection Agency would be in charge of regulating those products in the same way other government agencies regulate the safety of drugs, food and toys.
Obama said Americans are demanding it.
“Those ridiculous contracts with pages of fine print that no one can figure out—those things will be a thing of the past,” the president said in a statement accompanying the 152-page draft bill. “And enforcement will be the rule, not the exception.”
…Under the plan, lenders would be required to be up front about their products and compare them to less risky, “plain vanilla” options. The agency potentially could require a kind of warning label on such financial products as mortgages with payments that suddenly balloon in size.
They’re going to require companies to be “up front about their products” while they themselves continue to defy transparency, cut backroom deals, and stuff middle-of-the-night amendments into their fraudulent legislative packages.
Ha. Ha. Ha.
Flashback: Washington can’t meet the Cheerios Standard
Obama to Pentagon: Hurry up with an excuse for why I told everybody ISIS was contained when it obviously wasn’t
November 23, 2015 07:49 PM by Doug Powers
Obama admin’s ‘deal partner’ Iran sentences WaPo reporter to prison; Obama advises foreign leaders to avoid ‘pitfalls’ of America (a Sunday open thread)
November 22, 2015 10:21 AM by Doug Powers
November 19, 2015 07:51 AM by Doug Powers
November 18, 2015 08:00 AM by Doug Powers
Obama’s ‘historic transparency’ pledge seeks refugee status after White House call with US governors
November 17, 2015 10:42 PM by Doug Powers