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Professor Levitin tells us why truth-in-lending disclosures will never stop innovative credit card lenders who have developed the most complex financial product ever created to keep the consumer paying. The government's job is to put a stop to regulatory "whack-a-ball" that allows the credit issuers to "innovate around regulation" To protect the consumer, Levitin favors standardized credit cards. Unbelievably he was challenged by the NPR interviewer who asked if this wasn't a form of "socialism" that would squelch innovative power. Listen to the professor's answer.
Photo by Rhoda Bear
Adam Levitin holds degrees from
Harvard Law School and Columbia University
Fresh Air from WHYY, June 4, 2009 · Georgetown law professor Adam Levitin joins Fresh Air to discuss the Credit Card Accountability, Responsibility and Disclosure Act, which President Obama recently signed into law.
The new legislation aims to increase the transparency and fairness of credit card companies' dealings with their cardholders.
Professor Levitin specializes in bankruptcy and commercial law. His research includes work on credit card regulation, mortgage lending, and identity theft. He writes for the Credit Slips blog.
