ARLINGTON, Va. – Despite the failure of the so-called financial reform bill in the Senate, the push is not over to create the Consumer Financial Protection Agency (CFPA). Americans for Prosperity’s full-page ad in Politico today asks, “Who Is Eric Stein?” The Treasury official is in line to head the CFPA if the administration can succeed in creating it.

“Washington created "too big to fail" with regulations which led to the bailouts – yet this agency would give politicians and bureaucrats even more power,” said Phil Kerpen, vice president for policy with Americans for Prosperity. “It's these same regulators who were asleep at the switch with Madoff, Fannie, Freddie, ACORN, the Center for Responsible Lending, and everyone else who created and then imploded the subprime bubble. The plan is to empower Eric Stein, former VP of the Center for Responsible Lending and one of the central figures in the housing bubble, to head up the huge new bureaucracy.

“Congress already created the Financial Crisis Inquiry Commission to help determine what caused the financial crisis. We need the results of these investigations – which aren’t due until December – to make sure we get real financial reform that doesn’t reward the individuals and institutions that created the crisis with even more power."

AFP has a new chart that shows connections between the Obama administration, players in the subprime lending scandal, and the proposed Consumer Financial Protection Agency (CFPA). Visit www.CFPAExposed.com to view the chart and watch an animated description of the connections.

”Do we want to strengthen the bond between Washington and Wall St. or break it?” Kerpen asked. “This bill will only create more crony capitalism and a revolving door between K Street and Wall Street to enrich the politically connected.”