Last December the House of Representatives passed regulatory reform legislation that included creation of a Consumer Financial Protection Agency. The Senate is considering similar legislation, and though the original concept of a CFPA was to oversee and regulate those financial institutions and products that were direct contributors to the country's financial meltdown, such an agency as currently envisioned on Capitol Hill now encompasses all financial products.

Why bloat this new agency by requiring it to regulate products and services that are already heavily regulated at the federal and state levels — and had nothing to do with the financial crisis?

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