Consumer Products Safety Commission Announces Complaints Database

On Monday, the Consumer Products Safety Commission (CPSC) announced that for the first time the Agency will make public thousands of complaints it receives each year about safety problems with consumer products. The database, which was authorized in 2008 consumer product safety legislation, will be launched online in March. Until now, the only way for consumers to access safety complaints has been to file a public records request with the CPSC. The agency was then required by law to consult with the manufacturer before releasing information about their products, and the company could protest or sue to stop disclosure. The database, which is scheduled to be launched March 11, will be available at www.saferproducts.gov.

TARP Inspector General Criticizes Citi Bailout

On Thursday, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, issued a report saying that Citigroup is still too big to be allowed to fail and could make future bailouts of big banks a necessity. The Treasury Department disputed part of the report’s conclusion in comments included in the report, saying that the Dodd-Frank law “provides the federal government with important tools that it did not have in the fall of 2008, which will be critical in addressing future crises.” The report now goes to the Treasury Department and Federal Reserve, however no specific action is required.

Bernanke Predicts 3% to 4% Economic Expansion

On Thursday, Federal Reserve Chairman Ben Bernanke said that the U.S. economy should expand at a rate of 3% to 4% in 2011. The Fed’s most recent forecast, released in November, was that the U.S. economy would grow between 3.0% and 3.6% in 2011 after expanding by 2.5% in 2010. Bernanke remarks, which occurred before a small business forum sponsored by the Federal Deposit Insurance Corporation, also included his prediction that the credit crunch is easing and small business should see greater access to capital in 2010. Bernanke appeared along with Federal Deposit Insurance Corp. Chairman Sheila Bair, Sen. Mark Warner, (D-VA) and House Financial Services Committee Chairman Spencer Bachus (R-AL).

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Matt Jessee, Policy Advisor
matt.jessee@bryancave.com
1 314 259 2463