From the Opinion section of today's Wall St. Journal (titled Elizabeth III):
Ms. Warren's bureau will dictate how credit is allocated throughout the American economy—by banks and financial firms, and also by many small businesses that extend credit to consumers. The bureau's mandate under the new Dodd-Frank law is to ensure that "consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination." If those terms sound vague and overbroad now, wait until Ms. Warren's hand-picked staff begins interpreting existing laws on fair lending and writes new rules. (my emphasis)
http://online.wsj.com/...
This can only be good news...
The paragraphs above and below the one pulled in the intro are also worth a mention:
The new bureau was already destined to be a bureaucratic rogue. When Members of Congress objected to it being "independent" in the way Ms. Warren hoped, Mr. Dodd and the Administration cooked up a plan to make it part of the Federal Reserve without actually answering to anyone there. The bureau has independent rule-making authority and can grant itself an annual budget up to $646 million. It will draw this money from the operations of the Fed, so the bureau needn't deal with the messy intrusions of Congressional appropriators and will therefore receive limited Congressional oversight.
It's great to hear from the WSJ that Dodd was on our side after all, despite appearing to be a roadblock to progress all this time.
In a blog posting Friday on the White House website, Ms. Warren made her intentions clear enough: "President Obama understands the importance of leveling the playing field again for families and creating protections that work not just for the wealthy or connected, but for every American." Given the economic growth and jobless figures, maybe we should start calling this the "leveling" Administration.
How is it that the WSJ can argue that the bolded language above is a bad thing for the economy (or the Americans living in it)? If the daily gazette of the ruling class is this upset, it can only be good news for the rest of us...