Will MLM "Income Opportunity Investments" Be Covered in New Financial Reform Bill?

Following the greatest financial meltdown and epidemic of financial fraud in — some argue – America’s history, the United States Congress enacted a sweeping new financial reform law, the Wall Street Reform and Consumer Protection Act of 2010. The new law creates the new Consumer Financial Protection Bureau. At present there is controversy over the possible appointment of Elizabeth Warren to head up this new watchdog organization.

Will this new law go after
Main Street scammers too? Specifically, will multi-level marketing (MLM), which markets its own financial products — distributorships aggressively sold to consumers as “income opportunities” — be regulated under the law? The MLM financial products are legally binding contracts in which the consumer pays a fee to become an “independent contractor” and is futher enticed to buy inventory, marketing materials, training courses, online services, conventions and seminars with promises and claims of extraordinary returns tied to these purchases.