Academics get paid by financial firms to testify against Dodd-Frank regulations. What’s wrong with this picture?
Professor Todd Zywicki is vying to be the toughest critic of the
Consumer Financial Protection Bureau, the new agency set up by the
landmark Dodd-Frank financial reform law to monitor predatory lending
practices. In research papers and speeches, Zywicki not only routinely
slams the CFPB’s attempts to regulate bank overdraft fees and payday
lenders; he depicts the agency as a “parochial” bureaucracy that is
“guaranteed to run off the rails.” He has also become one of the leading
detractors of the CFPB’s primary architect, Elizabeth Warren,
questioning her seminal research on medical bankruptcies and slamming
her for once claiming Native American heritage to gain “an edge in
hiring.”
Zywicki’s withering arguments against financial reform have earned him guest columns in The Wall Street Journal, The Washington Times and on The New York Times’s
website. Lobbyists representing the largest consumer finance companies
in the country have cited his writings in letters to regulators, and the
number of times he has testified before Congress is prominently
displayed on his academic website at the George Mason University School
of Law.
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