Product Safety is a game changer

Representatives Bill Delahunt (D-Mass.) and Brad Miller (D-N.C.) introduced legislation to create the Financial Product safety commission in response to the fact that according to Delahunt, there is no single federal agency that has as its core mission and its primary objective the protection of the American consumer. “It’s a game changer; a paradigm shift in terms of our economy,” said Delahunt.

Delahunt stated that, “It’s no secret that American families today are literally drowning in debt,” and “one in seven American families are dealing with a debt collector.” Delahunt explained that the new commission will be aimed at becoming a “watchdog” for ensuring that financial products sold to consumers are safe, responsible, accountable, and transparent. The commission is a “a first step to finding solutions to protect the American family.”

Miller confessed that he was skeptical when he embraced the idea of this becoming law but he now believes that this is a very realistic proposal. “The outrage over the AIG bonuses was the result of a lot that is going on in the American economy,” said Miller. He explained that the middle class is trapped in debt and this legislation would allow leaders to make an honest living and make credit available to consumers who need to borrow money, but it would not allow lenders to make a killing by duping consumers.