once upon a time, the economy blew up like somebody threw a fragmentation grenade into it. that happened because of irresponsible behavior by wall street, a deregulated wall street making itself very rich by doing risky things with billions and trillions of dollars with other people's money. after the crisis, democrats and congress passed the wall street reform bill, one component of the reform bill they passed was a consumer protection agency for financial stuff. the government had long taken the position if you buy a toaster or curling iron in the united states, it shouldn't be one that burns your house down. add have kalts argued people's mortgages and student loans and credit card agreements shouldn't burn you down either, and so the consumer financial protection agency was born.