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Editor: It is not getting much attention locally but the big banks, the mortgage lenders and the insurance companies are working to kill legislation in Washington that would give consumers much-needed protections in the financial marketplace.
Bear in mind, these are the same folks who brought the global economy to the brink of collapse with their reckless lending and poor management in the first place. Now, they are pulling out all the stops to defeat H.R. 3126, the Consumer Financial Protection Agency Act.
The Consumer Financial Protection Agency will put consumer protection first. Too often the agencies that are supposed to protect consumers are too busy looking to protect the industry they are supposed to be regulating. This bill will level the playing field, by ensuring transparency and accountability in our financial system.
Rep. Paul Kanjorski's role on the House Banking Committee makes him key to getting this bill passed into law. Congress has already acted to rescue many of our nation's banks and lending institutions - now consumers need relief as well. We need the Consumer Financial Protection Agency.
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