Bailout Watch-Dog Elizabeth Warren on Reining in the Banksters (VIDEO)

Elizabeth Warren, the chair of the Congressional Oversight Panel and a professor at Harvard, has been on a mini-media blitz of late. Yesterday, she released a YouTube video supporting President Obama's Consumer Financial Product Agency. Today, the Baseline Scenario has a guest post from Warren in which she describes three myths surrounding the proposed agency.

The Consumer Financial Product Protection Agency would shield consumers against exotic mortgages and confusing credit card offers. As Warren describes it, creating a new agency would, in fact, simplify the current regulatory structure:

"I believe it will reduce risk in the system and can reduce the overall regulatory burden. That's right, it can actually reduce it. Right now, there are seven federal agencies that have some piece of credit regulation...In place of old, complex regulations, the new agency can encourage and help develop some plain-vanilla products."

Watch the video in the window to your right.

Warren has also compiled what she calls "3 Myths About The Consumer Financial Product Agency". Here's her summary:

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.