In December, the Consumer Financial Protection Bureau (CFPB) proposed a public online database of consumer complaints about credit cards. The database would empower consumer choices on credit cards and position the agency as a leader in government transparency. However, the financial industry opposes disclosure and may use its considerable political influence in an effort to block public access to the information.

WASHINGTON, Dec. 7, 2011—The House today passed the Regulations from the Executive in Need of Scrutiny (REINS) Act. The bill, sponsored by Rep. Geoff Davis (R-KY), represents an extreme attack on safeguards that protect our environment, food, children's toys, workplaces, health, civil rights, and economy.

For the past six decades, our nation's system of public protections has developed safeguards that protect us from health and safety threats. Now, however, the misleadingly titled Regulatory Accountability Act could turn this system on its head, allowing more special interest influence and inviting endless rounds of litigation.

The Regulatory Accountability Act (RAA), announced by Sens. Rob Portman (R-OH), Mark Pryor (D-AR), and Susan Collins (R-ME) and Reps. Lamar Smith (R-TX) and Collin Peterson (D-MN) on Sept. 22, is a radical overhaul of the federal rulemaking process that would result in a system that allows powerful special interests to dominate. The bill would cast aside public health, worker safety, and environmental quality goals that are the basis of so many public protections and make estimated costs to businesses and the economy the most important consideration in rulemaking.