Consumer watchdog agency to officially open for business

McClatchy reports:

The most tangible government reform to grow out of the Great Recession officially goes live this week when the Consumer Financial Protection Bureau assumes its regulatory authority on Thursday.

Created by the sweeping Dodd-Frank financial overhaul bill last summer, the bureau will serve as America's "beat cop" against deceptive, abusive and predatory loan products in the financial marketplace.

"This agency was created one year ago to stand up for consumers, and we are ready to get to work," said Elizabeth Warren, the assistant to the president who championed the agency's creation and has led efforts to set it up.

Gee, you wonder what the SEC was doing all these years. It's good to know benevolent,altruistic ,workers not blinded by the profit motive are here to help you because you are not as bright as them. Of course we are just joking.