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

The Consumer Financial Product Protection Agency would shield consumers against exotic mortgages and confusing credit card offers.

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:

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