In a recent interview on Real America’s Voice, Patrick M. Brenner, President of the Southwest Public Policy Institute, sat down with host Michelle Backus to discuss a pressing issue that threatens the foundation of consumer choice and the competitive market within the United States.
The topic of discussion centered around a new directive from the Consumer Financial Protection Bureau (CFPB) that scrutinizes digital intermediaries—companies that serve as a bridge between buyers and sellers, facilitating comparisons and choices among financial products. Drawing parallels with platforms like Expedia for airline ticket comparisons, Patrick elucidated the perilous path the CFPB is embarking on by directly targeting these digital intermediaries. This move, he argues, could essentially transform the CFPB into a monopolistic digital intermediary for financial services, mirroring models of government-controlled economies.
The interview highlights several critical concerns, including the stifling of capitalism and competition, the potential for increased government control over personal finance, and the risks associated with data privacy and security. Patrick emphasizes the broader implications of such control, suggesting it could lead to a social credit score system in the U.S. reminiscent of authoritarian regimes.
Furthermore, the discussion sheds light on the challenges consumers face in protecting their interests against such directives, underscoring the need for legislative action to curb the CFPB’s reach. Despite the gravity of the situation, Patrick notes the lack of public polling on the issue, indicating a significant gap in awareness and understanding among the general populace.