1. The act establishes the Consumer Financial Protection Bureau, but offers no protection to consumers against unfair regulations, stealth tracking of financial information or zealous overreaching by the Bureau, all of which are inherent in the bill's language.
2. The Bureau is tucked inside the Federal Reserve, which provides 100% of the funding with limited transparency and minimal Congressional oversight.
3. The Bureau neither reports to nor is responsible to the American people. The Director is a non-elected official who serves at the pleasure of the President.
4. The Bureau has no accountability as it answers neither to Congress nor any other Agency.
5. The Bureau's powers are not limited to controlling Wall Street and financial institution excesses. Under Section 113, the Bureau can seize control of any company deemed "a threat to the financial stability of the United States", establish a Board of Governors, and dismiss the current board members. The target company's time to create a defense and its ability to respond are severely restricted by regulations.
Here is your Senator's contact info: http://www.senate.gov/general/contact_information/senators_cfm.cfm
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