Summers: Critics of new Consumer Agency Using ‘Death Panel’ Scare Tactics

September 19, 2009

(ChattahBox)—White House economic adviser, Larry Summers blasted the critics of the proposed new agency to protect the rights of consumers, accusing them of using “death panel” type scare tactics to defeat the proposal.

Summers reiterated the Obama administration’s determination to go forward with a separate agency to act as a watch dog for consumer protection efforts and administer new regulatory reforms in the credit card market and mortgage industry.

Speaking at a conference at Georgetown University’s McDonough School of Business, Summers said he would not be deterred by the fear mongering tactics employed by corporate lobbyists saying, that the new agency would stop the flow of credit to small business owners.

“That argument is to the financial regulation debate what the death panel argument is to the health insurance debate,” said Summers.

Summers said a separate agency is vital to implementing consumer financial protections and regulations.



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