Talk Radio News Service: News, Politics, Media

John DuBois - University of New Mexico/Talk Radio News Service

In efforts to strengthen consumer protection without adding regulatory layers and government bureaucracy, the U.S. Chamber of Commerce put forth alternatives to the proposed Consumer Financial Protection Agency Act on Tuesday.

According to a press release, the Chamber recommended the “Consumer Protection Council (CPC) to ensure coordination of regulatory and enforcement actions among the federal financial regulators.”

David Hirschmann, President and Chief Executive Officer of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness said that there are four fundamental flaws in the nation's current regulatory system.

According to Hirshcmann, those issues include consumers not having access to transparent, useable information on financial products, regulation not being a high enough priority, a lack of enforcement against predatory practices and a lack of coordination among regulators.