Reports are
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"The more important point is the risk that this agency creates could end up harming consumers. That´s the message we´re trying to get out. It could end up stifling creativity, innovation and access to credit and capital," Scott Talbott, the senior vice president of government affairs at the Financial Services Roundtable told BankThink (he´s also quoted in the WP story today). Of the Harry and Louise idea, he added: "It´s simply an option that we´re thinking about-nothing has been planned."
Nevertheless, Talbott said, lobbying to head off the creation of the consumer products regulator is beginning "now."
Two things: One, some lobbyists are already disowning the campaign as the WP presents it-they say it isn´t as cohesive a front, and that not every group thinks a TV ad campaign is necessary.
Two: Given what else is on TV right now, does anyone really think a Harry and Louise-style campaign would work? The media environment has changed considerably since the 1990s. Fox News has likely already turned a great deal of its viewers against the idea of a consumer products regulator, which represents more government, but even Fox has to compete with a prevailing view that financial firms can´t be trusted.
Other TV ads are actually articulating that notion. The Financial Industry Regulatory Authority, a self-regulatory body, just launched a series of radio and TV ads that warns consumers that
And what of Harry and Louise the actual characters? They´ve already been expropriated to the other side: They appeared in a 2008 commercial put out by healthcare advocacy groups asking the presidential candidates to
There´s a lot of material out there telling consumers that they should be wary of the things banks try to sell them. Lobbyists on the other side of that sentiment could be facing a Sisyphean challenge.