October 20, 2009

Here is what the financial services industry's $220 million in lobbying fees is on the verge of buying from Congress: a significant watering down of proposed regulations to control banks, credit card companies and other financial institutions. It is not too late to stop the sale.

A measure scheduled for debate today in the House Financial Services Committee would create a new federal agency broadly charged with protecting consumers from lenders who push duplicitous loans and charge usurious fees. The outcome will largely determine whether Congress has a fighting chance to beat back the lobbyists' onslaught.