Katie Kieffer

But, do we really need another government agency with extra-Congressional authority? An agency that wants the Federal Reserve, not Congress, to set its budget? An agency developed by the same woman (Warren) who oversaw the highly-criticized $700 billion financial industry bailout?

Warren defended her new agency to Michael Moore in an interview for the DVD version of his film, “Capitalism: A Love Story,” saying: “You can’t buy a toaster in America that has a 1-in-5 chance of exploding, but you can buy a mortgage that has a 1-in-5 chance of exploding, and they don’t have to tell you about it.”

Does Warren want financial companies to write contracts at a second-grade level because she assumes consumers are too dumb or lazy to read the fine print? She tells Time Magazine that consumers shopping for loans, “… drown in a sea of words that are theoretically disclosures, but they scream, ‘Don’t read me.’”

Mortgage brokers do not go to bed at night dreaming up confusing fine print clauses. Financial companies write lengthy contracts partly to comply with existing regulations and to protect themselves from consumer lawsuits. And Warren wants more bureaucracy?

Since Warren loves to throw out appliance analogies, I’ll throw one back at her: Any legitimate appliance company in America provides its customers with a way to voice concerns and complaints. You can speak with a customer service representative in person or call a customer service line to negotiate a full or partial refund.

But, if you dislike policies from unelected government agencies like Warren’s Rule Warehouse, you don’t have a voice. Ironically, federal agencies fail to adequately protect consumers because they don’t give consumers sufficient and reasonable say in their operation and direction.

When government agencies create rules without proper input from voters and Congress, the rules will likely be anti-capitalist policies that are extremely difficult to overturn.

When Congress acts, you do have a voice because you elect your congresspeople; you can email, Tweet, Facebook or call their offices to complain, and, you can vote them out of office.

This new agency could cost financial institutions devastating amounts of money to restructure and dub down their financial products so that your dog can understand them. These costs will be passed along to the consumer, not to the government. Competition in the private sector will motivate consumer finance companies to improve, not government growth.

Whether the President appoints Warren or not, her wild hand built this house of cards. It is time to reign in agency power under Congress’ legitimate authority.

Katie Kieffer

Katie Kieffer is the author of a new book published by Random House, LET ME BE CLEAR: Barack Obama’s War on Millennials and One Woman’s Case for Hope.” She writes a weekly column for Townhall.com. She also runs KatieKieffer.com.