Abstract
The preceding chapters were, in essence, devoted to major financial institutions including commercial and investment banks, brokerage and investment advisory firms, and corporate entities. In this chapter the focus will be on individuals as consumers. The preceding chapter also concerned consumers in their relations with real estate transactions. Prior to the early 1960s, there were few regulations and laws devoted to the protection of consumers. Consumer rights were protected to a limited degree, mainly by state common law remedies that enabled consumers to sue if they were the victims of fraudulent transactions. Following the beginning of the consumer rights movement in the 1960s, especially with Ralph Nader spearheading followers into clamoring for legislative enactments to protect consumers, a number of federal statutes were enacted that expanded the rights of consumers significantly. We will briefly examine the earlier statutes and discuss the latest Congressional efforts, mainly the Dodd–Frank Act and its consumer protection provisions. Thereafter we will examine the current domestic and global efforts to expand financial literacy among consumers.
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Notes
Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, Federal Trade Commission Act- §15, Statement on Unfair or Deceptive Acts or Practices by State-Chartered Banks (March 11, 2004), www.federalreserve.gov/boarddocs/supmanual.cch/ftca.pdf.
U.S. Government Accountability Office (GAO), Financial Literacy and Education Commission: Further Progress Needed to Ensure an Effective National Strategy, Report to Congressional Committees (December 2006)
The World Bank, Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia: A Diagnostic Tool (October 2008).
U.S. Government Accountability Office, Report to Congressional Committees, Financial Literacy and Education Commission: Further Progress Needed to Ensure an Effective National Strategy (December 2006).
Securities and Exchange Commission, SEC Seeks Public Comment on Effective Investor Education Programs (April 19, 2011), www.sec.gov/news/press/2011/2011–93.htm. The SEC Office of Investor Education and Advocacy can be found at www.sec.gov/investor.html. An example of the information provided is its Investor Bulletin: Reverse Mergers.
Id. See, also, Lori J. Shock, Director of the SEC’s Office of Investor Education and Advocacy, Speech: Remarks at InvestEd Investor Education Conference (May 15, 2011), www.sec.gov/news/speech/2011/spch051511ljs.htm.
James McRitchie, SEC Seeks Comment on Investor Education (April 30, 2011), http://corpgov.net/?p=5959.
See, for example, Bilal Zia, The Fad of Financial Literacy? (August 12, 2010), http://blogs.worldbank.org/allaboutfinance/the-fad-of-financial-literacy and Alicia P. Cackley, A Federal Certification Process for Providers Would Pose Challenges, GAO (June 28, 2011), www.gao.gov/products/GAO-11–614.
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© 2013 Roy Girasa
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Girasa, R. (2013). Consumer Protection and Personal Finance. In: Laws and Regulations in Global Financial Markets. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137345462_8
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DOI: https://doi.org/10.1057/9781137345462_8
Publisher Name: Palgrave Macmillan, New York
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