Introduces Financial Product Safety CommissionElizabeth Warren announced a bill creating a Financial Product Safety Commission with House and Senate Democrats in March 2009. The bill's merit, the New York Democrat said, is that it regulates the actual financial product rather than the company producing it. The body was designed to have oversight over mortgages and other financial instruments to protect consumers against predatory practices. She said if the agency had existed before the subprime collapse then "there would have been millions of families who got tangled in predatory mortgages who never would have gotten them." Sen. Charles Schumer's cosponsorship of the bill is notable because of his proximity to Wall Street.

Source: Huffington Post May 25, 2016 12:41 UTC