
Perlmutter stated, “For too long, fragmented oversight enticed some financial institutions to create products that evaded regulation and took advantage of consumers. By streamlining and consolidating financial product regulation, we can crack down on fraud and manipulation and help restore public confidence in the financial sector. The creation of an independent consumer protection division must put the interests of taxpayers first by promoting a fair and transparent marketplace for financial products.”
Perlmutter is supportive of measures ensuring federal supervision of financial industries, such as payday lenders and mortgage originators, which previously had no oversight.
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