Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


The AP reports that Ben Bernanke didn’t talk much about consumer protection in today’s testimony before Congress:

Rep. Melvin Watt, D-N.C., was stunned by what he thought was Bernanke’s short shrift to the consumer protection issue. “Five sentences on consumer protection when everything else gets substantially more space,” Watt said. “It is just not a good message to send.”

During the hearing, Bernanke conceded that the Fed didn’t do the job it should have in protecting consumers, but said improvements are being made. He suggested the central bank could take further steps to strengthen such oversight.

“We are competent and have the skills … I think we can do that,” he said.

You could take this two ways.  First, maybe Watts is right: this is evidence that Bernanke just fundamentally doesn’t care about consumer protection.  Second, it might mean that Bernanke has decided not to continue opposing the creation of an independent consumer protection agency.  He’s still making some pro forma remarks about the Fed’s capabilities, but he’s not really fighting to keep hold of its consumer protection portfolio any longer.

Either way, though, the next step is still the same: strip the Fed of its consumer responsibilities and put them in a CFPA that will actually make them a top priority.  Bernanke’s testimony puts us a step closer to that.

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate