Obama: The Consumer's Advocate?

Is Obama the consumer's advocate? Depends on who you ask. If you look at all the consumer protection in health reform, credit card regulations, mortgages, investments, etc. you might be tempted to call Obama the strongest consumer's advocate of any President in recent history. But is he really?

Let's briefly look at the consumer protection offered by the legislation passed by Obama in the past two years.

Health Reform Benefits

No cap on Insurance for full period insurance is active

No annual cap on insurance

Coverage of pre-existing conditions

Coverage of terminal illnesses

Federal subsidizing for folks who can't afford insurance.

For more information on this, try the following URL:

http://www.healthreform.gov

and

http://www.healthcare.gov

My Thoughts on Health Reform Benefits.

These benefits are fine but I think the new benefits should be optional. Another words, a person should be able to chose the benefit level that person needs and be charged accordingly. For example: The healthy young person might want to opt out of the terminal illness coverage.

The only option that should be mandatory is the no-cap option. If the person becomes ill and then ends up switching insurance, that person could still get coverage for a pre-existing condition.

I am against repealing health reform. I am for fine tuning the current health reform law in the future.

Credit Card Act Benefits

Restrictions on multiple fees

Increases interest rates apply only to new charges

Payments must be applied to charges with highest interest rate first.

Schedule of payments based on minimum payments. (How long it will take to pay debt)

Notice of future rate increases

For more information on this, try the following URL:

http://www.federalreserve.gov/creditcard/

Now that the people have seen or heard about most of these benefits, it will be difficult for the conservatives to repeal this act.

Finance Reform Benefits

Protects the investor and the applicant for a bank loan. For more information on the benefits of finance reform, try the following URL.

http://www.federalreserve.gov

Here is my understanding of the issue being argued:

The Republicans argue against the new FTC Bureau Of Consumer Protection being set up to ensure enforcements of regulations because they feel it is duplication.

The Democrats claim that the new bureau will be isolated from the lobbyists. Personally, I don't see that happening.

I think we need to take politics out of the regulations, so that the regulations are not laxed. I also think it possible that the new volumes of regulations might be a burden for small banks.

But my overriding concern is that we avoid the situation where the failure of one global finance institution has a devastating chain reaction that collapses the US economy. I am against repealing finance reform. I am for fine tuning it in the future.

The site www.consumerwatchdog.org is a great site learning about your benefits and rights regarding credit, health, loans and investments.

Conclusion:

This additional consumer protections is an achievement for any president's first two years in office. If Obama is not the best consumer's advocate president in history, he certainly is in the top two.