WASHINGTON--Sen. Dick Durbin (D-Ill.)--a champion of food and toy safety--has an interesting idea in the wake of the economic meltdown that no regulators saw coming--create a "Financial Product Safety Commission."
Durbin is the lead on a bill to "establish an oversight board whose sole objective would be to help consumers use financial products such as mortgages, credit cards, and retirement accounts safely and efficiently. The current crisis has demonstrated that the nation's current financial regulation structure has diminished consumer protections and eroded consumer confidence. This new safety commission would hold those who offer consumers financial credit accountable and ensure that they act responsibly," Durbin's office said in a statement.
"As Congress embarks on fundamental financial regulatory reform, it is imperative that the improved regulatory system focus not just on the safety and soundness of the providers of financial products, but also on the safety of the consumers of financial products. The Financial Product Safety Commission would do just that."