And Americans are not as stupid as the Obama administration seems to think. That’s what George Mason University Law School’s Todd Zywicki explains to Reason TV’s Nick Gillespie.

As you know:

The Obama administration and members of Congress are pushing legislation that will create a new agency, The Consumer Financial Protection Agency, whose job would be to simplify and police all manner of financial transactions, from what sorts of mortgages could be offered to what sort of credit cards would be in your wallet to whether Wall Street could create new ways of buying and selling stocks. In the name of making your life easier and avoiding the next financial meltdown, the CFPA might just harshly limit how you spend your hard-earned (and dwindling!) dollars.

You also can read his testimony on the issue here.