By doing the bidding of their Wall Street contributors, Republicans aren't just hurting consumers. They're actually hurting the companies and values they claim to represent. Real bank profits don't require devious schemes. Real innovation in the financial markets doesn't involve fraud. Stable banks, and a stable middle class, depend on everybody playing by the same rules.
Senate Republicans, meanwhile, continue to play by an older set of rules, one that already sent our economy down the path of crisis and ruination. "Congress has remained a collection of two-cent politicians who could serve well enough in simpler days," TIME magazine wrote in 1942. "But the ignorance and provincialism of Congress renders it incapable of meeting the needs of modern government."
Truer words were never spoken. We need the minority party in the Senate to get with the program. We need a CFPB with the firepower, the funds and the fangs to do its job. Until we get that, honest American consumers and businesspeople will continue to get pulverized.
Adam Levin is Chairman and cofounder of Credit.com and Identity Theft 911. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy. He is a nationally recognized expert on identity theft and credit.