You Need to Mention Wall Street

As we watch the drama over the who gets to run the CFPB, let me note an issue of language.

Virtually every mention of the agency I’ve heard today refers to it as a “consumer watchdog agency”. That’s a reasonable definition. But it’s not a clear one, certainly not one that is clear in any political context. Let me suggest that “consumer” is not the important part of the name. Any Democrat should be saying the CFPB an agency to protect consumers from Wall Street banks. That is what it is. It’s meant to be a watchdog to monitor financial services institutions to protect consumers and insure that those financial services companies follow the law. ‘Consumer watchdog’ sounds soft and fuddyduddy-like. It just does.