Barack Obama

“ And through new tools to break up failing financial firms, it would help ensure that taxpayers are never again forced to bail out a big bank because it is “too big to fail.”
Finally, these reforms include a new Consumer Financial Protection Agency to prevent predatory loan practices and other abuses to ensure that consumers get clear information about loans and other financial products before they sign on the dotted line. Because this financial crisis wasn’t just the result of decisions made by large financial firms ”

“ And while there were many who took out loans they knew they couldn’t afford, there were also millions of people who signed contracts they didn’t fully understand offered by lenders who didn’t always tell the truth. ”

“ It would provide greater scrutiny of large financial firms to prevent any one company from threatening the entire financial system – and it would update the rules so that complicated financial products like derivatives are no longer bought and sold without oversight. ”

“ This is in part because the job of protecting consumers is spread across seven different federal agencies, none of which has the interests of ordinary Americans as its principal concern. This diffusion of responsibility has made it easier for credit card companies to lure customers with attractive offers then punish them in the fine print ”