Congress should promote a strong, engaged Consumer Financial Protection Bureau
Consumer spending comprises 70% of the U.S. economy, so restoring consumer confidence and demand for products is vital to creating jobs. This is more likely to happen if consumers know that the financial marketplace is fair and safe for everyone.In addition, small businesses—which create 80% of our nation's new jobs—rely heavily on non-bank credit and need access to low-cost, fair credit to grow.
This document provides a quick overview of CFPB's objective and scope of activity.
"Business leaders who care about the long-term success of their companies and our country understand that a healthy economy is based on earnings, savings, trustworthy credit and fair competition -- not on ripping off American families and businesses. Inadequate regulation fueled the current crisis and inadequate reform will assure a repeat."
--Tim Duncan, American Business Leaders for Financial Reform, 3/1/10