"The structure of our financial system — which places a premium on freedom of choice — compounds the problem of financial illiteracy. The touchstone of our banking and finance laws has always been based on disclosure. We allow financial institutions to sell all types of financial products as long as they disclose the terms. Because each consumer is unique, maximizing financial options makes sense. A system based on disclosure, however, utterly fails if the consumer does not comprehend what is being disclosed."
Assemblyman Ted Lieu and John Hope Bryant