Straight Talk — Regulatory reform

      President Obama announced a plan to reform the regulation of the financial services industry. The goal is to prevent a repeat of the economic turmoil we have experienced during the last year.

      Among the plan’s numerous components is the creation of a Consumer Financial Protection Agency. Observers already are raising questions about what kind of authority this agency would have. Such a regulator can only mean fewer financial products and services for consumers, and more compliance costs for banks. Those costs will get passed onto consumers . . .

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