Elizabeth Warren recently wrote a rather extraordinary piece on the hollowing of the American middle class and the need for a Consumer Financial Protection Agency (CFPA).
Consider the following:
- 1 in 5 Americans is unemployed or underemployed.
- 1 in 9 American families cannot make the minimum payment on their credit card.
- 1 in 8 mortgages are in default or foreclosure.
- 1 in 8 Americans is on food stamps.
- More than 120,000 American families are filing for bankruptcy every month.
- When adjusted for inflation, the median income of American families has been largely stagnant over the past 40 years.
- Meanwhile, Goldman Sachs is set to dole-out in excess of $20 billion in employee bonuses for 2009...
Elizabeth Warren is a Harvard Law Professor and is Chair of the Congressional Oversight Panel. The Oversight Panel is an important body created by Congress to essentially review what has taken place in the financial markets and regulatory system (such as the TARP program) during the past couple of years.
The CFPA is a post financial crisis proposal from the Obama Administration.
It is worth taking some time to understand how leaders such as Elizabeth Warren and reform proposals such as the CFPA are working and poised to offer much needed reform of the U.S. financial system.
Source: Huffington Post
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