Again, OO is following, as best possible as we are busy, the Wall Street Reform Bill developments as they unfold. In this Press Release Update on AGREED provisions in the Bill as of this week, an Ombudsman would serve as part of yet another new agency in the Investment Advisory Committee. My immediate analysis is that once again this will NOT be effective for consumers at all because individuals called upon to serve will continue to be pulled from the ranks of the Washington “elite” in government circles of influence. What would have been closer to meeting the needs of consumers would have been the empowering and enabling of the private sector to represent consumers to the committee from local, regional, state and organized consumer interest groups nationwide. Instead, “independence” is lost and any “virtuous” alternative to really engaging in and creating fair and accountable policy for consumers is lost before it even begins. Consolidation and centralization of all decisions on the behalf of the public, consumers and constituents continues without any clear perspective from lawmakers.
Brief Analysis: Wallstreet Reform Bill Has Ombudsman Provision