INTERNATIONAL ECONOMIC POLICY GROUP PUBLISHES CONSUMER POLICY TOOLKIT
Today, the Organisation for Economic Co-Operation and Development (OECD) and the Federal Trade Commission (FTC) announced the release of a new “Consumer Policy Toolkit” issued by the OECD. The OECD promotes itself as an international forum for democratic governments to compare policy experiences, seek answers to common problems, identify good practices and coordinate domestic and international policies. The Toolkit is intended to:
- Provide advice to consumer authorities on how to assess areas where markets may be failing consumers and how best to address the problems consumers may face;
- Present six clear steps for policy making;
- Describe 12 basic policy tools available to consumer authorities when action needs to be taken; and
- Include examples drawn from the actual experiences of more than 20 countries.
An executive summary of the Toolkit can be found at http://www.oecd.org/dataoecd/20/50/45098058.pdf.
The announcement of the Toolkit coincides with the President’s signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishing a new U.S. Consumer Financial Protection Bureau (CFPB) which is empowered to write regulations concerning unfair, deceptive and abusive practices. The FTC’s endorsement of the Toolkit suggests that those seeking insights on the potential future direction of consumer financial services regulatory policy and the methods that the CFPB may embrace or advocate may find some answers in the Toolkit.
- Mike Tomkies and