The Financial Product Safety Commission

"The situation with some financial products is similar to the drug market of the early 1900s, Schumer said. The government responded by regulating 'quack' medicine, he said.
"'Those who sell quack financial products in the 21st century' should be 'reined in, not with disclosure, but with real limits,' Schumer said."

Jeff Plungis on Bloomberg reports on a bill introduced by Senators Charles Shumer and Richard Durbin to create a new financial oversight agency modeled on the Consumer Product Safety Commission.