In the aftermath of the last financial crisis, politicians in Washington decided that American consumers needed a new federal agency to watch out for them when they engage in financial transactions.

The resulting Consumer Financial Protection Bureau has created new problems of its own, as economist Adam Smith of Johnson & Wales University documented during a presentation to the John Locke Foundation’s Shaftesbury Society.

In the video clip below, Smith highlighted some of the key problems linked to CFPB.

2:30 p.m. update: Click play below to watch the full 56:31 event.

You’ll find other John Locke Foundation video presentations here.