Skip to comments.Consumer protection agency moves ahead (mortgage and credit card oversight)
Posted on 10/22/2009 10:36:42 AM PDT by markomalley
A key House committee on Thursday approved the most high-profile part of the White House plan to prevent future financial collapse: The creation of a new agency to regulate consumer financial products.
The House Financial Services committee voted along party lines 39-29 to empower a Consumer Financial Protection Agency to watch out for consumers.
The vote marks one of the most significant steps yet in congressional efforts to reform regulation in response to the financial crisis.
After more than a week of debate and changes, lawmakers and consumer advocates claimed victory. Most of the financial industry lobbied to kill it, calling it an unprecedented step toward government intrusion on business.
"This bill has now passed a major hurdle and this step sends an important signal to the American people that we will not stand by and allow big financial firms and their lobbyists to mobilize against change," President Obama said in a statement.
(Excerpt) Read more at money.cnn.com ...
“Change” means “Communism.”
Regulation should be about managing risks, not micromanaging product offerings.
This massive government bureaucracy, if created, will hold enormous power and will have broad implications for the credit card industry. It represents an unprecedented level of government intervention in the financial marketplace and a new layer of regulation impacting all banks and credit card issuers.
The current proposal is very broad and has many troubling provisions. For example, consumer protection authority would be stripped away from existing regulators and transferred to the CFPA. Additionally, nationally chartered banks would be subject to a patchwork of 50 different state laws and requirements.
Prepare for another government-created disaster.
I expected Barry to call a Populist Misdirection play now that he’s mired at -13
rest assured this will die out of committee.
this is how politicians will bully money out of the financials.
This is a campaign fund tactic that has worked very effectivly.
scare them with a proposes law.
have them fork out campaign contributions.
kill the proposed law.