New Financial Protection Agency Won't Help Consumers | Richmond Times-Dispatch

New Financial Protection Agency Won't Help Consumers | Richmond Times-Dispatch: "There's an old story that goes 'before you criticize someone, you should walk a mile in their shoes. That way, you'll be a mile from them and you'll have their shoes.'

Unfortunately, in the case of financial regulatory reform, and the creation of the Con sumer Financial Protection Agency (CFPA), it is Congress that is a mile away from small business owners and holding their shoes. And it's not funny.

In response to populist anger over Wall Street abuses, the U.S. Senate will soon vote on legislation that expands the federal government's regulatory reach all the way to Main Street -- or in Richmond's case, West Cary Street.

This effort to reform the way financial firms do business will regrettably stretch well beyond those directly involved in the crisis, potentially punishing those who had no role in the financial collapse -- small business owners. Who, by the way, are Virginia's biggest job creators."