Elizabeth Warren says the American people are allies and owners of this agency. She wants to eliminate fine print hidden BS from contracts with industry and make the total costs transparent.
“Remember the fed all along had the power to protect American consumers, to clean up the consumer credit market and the fed failed to spend it…spend their money in that way, and so the notion is you say in effect to the fed…OK fed 90% of your job is what it always was. It’s monetary policy and all that other cool stuff. Ten percent is set aside for consumer issues and that’s what this agency is about and that is the money it will get. This is not about spending new money…it will be spent not on general monetary policies, it will be spent on consumer monetary issues and I think that is good. “
Making contracts understandable for the general population and allowing people to know what the whole cost of a product is will allow them to make good financial choices. This will fuel competition which is one of the positive aspects of capitalism. That is what keeps costs down to an affordable level, drives up quality, and increases excellent service for consumers.