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Government Worsens Consumers Confusion

Recorded on July 24, 2012

From The Heritage Foundation, I'm Ernest Istook.

Here's how government helps “simplify” our problems:

A 2,300-page piece of legislation—created the new Consumer Financial Protection Bureau.

The bureau was told to work on 400 different things that confuse consumers.

So they've come up with a plan to simplify home mortgage loans; it's so simple that it takes them 1,099 pages to explain it. Oh, yes, the CFPB just issued a 1,099-page proposal on how to make home loans easier. And how much will all that red tape add to the cost of a loan?

And just to make things clear, they issued a companion report that runs 533 more pages, explaining how they wrote their 1,099-page plan.

Anyone who calls this simplification must be a simpletons. The best way to make things easier would be just abolishing these bureaucracies.

From The Heritage Foundation, I'm Ernest Istook.