Government paternalism consists just away from providing somebody anything they did not buy, as well as when you look at the stopping folks from making decisions you to definitely, about benevolent view from superintending bureaucrats, are not within welfare.
Government paternalism comprise just regarding giving individuals something it did not buy, and also during the stopping people from decision-making you to definitely, on benevolent judgment out-of superintending bureaucrats, aren’t within their best interest. Like parents that have offspring, regulators admonishes us, “No, no, it is not to you.”
Nowhere possess government’s paternalistic matter to have poor monetary choice-and make by low income somebody become significantly more apparent than if it concerns unsecured debt. Throughout the aftermath of one’s 2008 economic crisis, Congress enacted the fresh Dodd–Frank Wall surface Highway Reform and you can Individual Cover Act, and therefore authored an agency known as Consumer Monetary Coverage Agency (CFPB).