By Zach Carter, AlterNet
Posted on November 5, 2009, Printed on November 5, 2009
http://www.alternet.org/story/143737/
Let's face it, financial regulation is boring and complicated. But if the economic crisis taught us anything, it's that bringing Wall Street under control is one of the most critical domestic policies facing the country right now.
Here's what you need to know, and who you need to watch, as Congress readies its banking overhaul.
1. A New Consumer Financial Protection Agency. Subprime mortgages. Abusive and arbitrary rate hikes on your credit card. Payday loans. If you're wondering who lets banks get away with this crap, there are more people at it than you think. There are no less than four federal regulators responsible for overseeing consumer protection in finance, and all of them are terrible.
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