financial-consumer protection agency
Elizabeth Warren discusses why the financial-consumer protection agency needs to be independent. I agree with her, but think that it should even be independent of the government. This I believe would minimize the influence of financial industrial lobbyist and save taxpayer dollars.
I think the government could provide seed money for several organizations to start a financial watchdog service. It is important to seed multiple organizations to insure competition and consumer choice. The organizations could generate operating income from charging for their services (the consumer reports model) and/or donations (the public radio model). The SEC or Federal Reserve could provide regulation of these organizations.
I suggested the idea to my congressional representatives, but I am not hopeful.
A few more details on the idea:
The government could host a competition to award the seed grants. Entrepreneurs would submit 2-page proposals describing their proposed services, and voters could vote at a website for the one they are most interested in seeing funded. The winners and non-winners could be featured on a government sponsored website, where consumers could go to browse for a consumer projection agency.
I think the government could provide seed money for several organizations to start a financial watchdog service. It is important to seed multiple organizations to insure competition and consumer choice. The organizations could generate operating income from charging for their services (the consumer reports model) and/or donations (the public radio model). The SEC or Federal Reserve could provide regulation of these organizations.
I suggested the idea to my congressional representatives, but I am not hopeful.
A few more details on the idea:
The government could host a competition to award the seed grants. Entrepreneurs would submit 2-page proposals describing their proposed services, and voters could vote at a website for the one they are most interested in seeing funded. The winners and non-winners could be featured on a government sponsored website, where consumers could go to browse for a consumer projection agency.