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ConPolicy publishes Policy Brief on financial regulatory reform

 

Financial regulatory reform is at the top of the agenda for the United States legislature. One of the most controversial issues being debated is the creation of a Consumer Financial Protection Agency (CFPA). Its mission would be to protect consumers from dangerous financial products and practices. The German media has largely ignored this debate. This policy brief highlights the lessons that can be learned from the US and British debate on financial regulatory reform. It concludes: There are many similarities in the political controversies in the United States, United Kingdom and Germany. In all countries it is increasingly recognized that consumer protection, financial safety, and the soundness of financial institutions are related issues. Hence, consumer protection should find its place in the financial regulatory framework. While this policy brief cannot lay out in detail how such an institutionalization should be pursued, it makes clear that much can be learned by systematically analysing the practical experience of other nations. (Download German version .pdf)