In this recent Huffington Post article from Ryan Grim, Sen. Orrin Hatch (R-Utah) compares the creation of an independent Consumer Financial Protection Agency (CFPA) to the creation of the Environmental Protection Agency (EPA).
Apparently, conservatives like Hatch think that comparing the CFPA to the federal regulator charged with preventing big business from destroying the environment and exposing the public to toxic chemicals is a good argument against it. Seriously. Does anyone actually think we would be better off without an EPA, or if industries had MORE freedom to pollute?
While so many Americans struggle in today’s gloomy economy– in no small part as a result of the toxic banking products polluting our economic environment – it’s more important than ever to realize that what’s good for Wall Street’s bottom line isn’t necessarily what’s good for the rest of us. Just like we need an agency to keep mercury and lead out of our drinking water, we need one to keep exploding mortgages and predatory loans out of our communities.