While this feels a little idealistic / academic, it sounds like it would be a good general improvement for ordinary consumers. My worry is what happens to the rule by the time the lobbyists and...
The CFPB’s simple and practical rules would fix [uncountably many data brokers keep tabs on your buying habits]. The rules would ensure people can obtain their own financial data at no cost, control who it’s shared with and choose who they do business with in the financial industry. This would change the economics of consumer finance and the illicit data economy that exists today.
While this feels a little idealistic / academic, it sounds like it would be a good general improvement for ordinary consumers. My worry is what happens to the rule by the time the lobbyists and special interests are through with it. In particular, something that undermines a lucrative market (data sharing) seems unlikely to be allowed to stand. But we can hope!
We just need some helpful insiders to post a list of every transaction congresspeople and their families have made for the last decade. Bet that law gets passed real quick once that happens. The...
We just need some helpful insiders to post a list of every transaction congresspeople and their families have made for the last decade.
Bet that law gets passed real quick once that happens.
The only major downside I see to these laws is the degree to which companies have power to say 'disclose this or walk away,' which happens a lot and subverts a lot of protections around say health data.
Doesn't do much good to have a law if every company mandates financial disclosure to interact with them, buried in the fine print of their other stuff.
If there was a clause that service may not be denied or diminished based on refusal to disclose financial data, that might have some nice big teeth.
You can already track congressional trades here: https://www.capitoltrades.com/trades# Also, as ETFs: https://www.cnbc.com/select/congressional-stock-trading-could-soon-be-tracked/
While this feels a little idealistic / academic, it sounds like it would be a good general improvement for ordinary consumers. My worry is what happens to the rule by the time the lobbyists and special interests are through with it. In particular, something that undermines a lucrative market (data sharing) seems unlikely to be allowed to stand. But we can hope!
We just need some helpful insiders to post a list of every transaction congresspeople and their families have made for the last decade.
Bet that law gets passed real quick once that happens.
The only major downside I see to these laws is the degree to which companies have power to say 'disclose this or walk away,' which happens a lot and subverts a lot of protections around say health data.
Doesn't do much good to have a law if every company mandates financial disclosure to interact with them, buried in the fine print of their other stuff.
If there was a clause that service may not be denied or diminished based on refusal to disclose financial data, that might have some nice big teeth.
You can already track congressional trades here: https://www.capitoltrades.com/trades#
Also, as ETFs: https://www.cnbc.com/select/congressional-stock-trading-could-soon-be-tracked/
Oh I mean like credit card transactions. To their porn sites.
For anyone coming to the comments first to see what this is referring to, it's the Consumer Financial Protection Bureau.