Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Consumer protection agency moves ahead (mortgage and credit card oversight)
CNN ^ | 10/22/2009 | Jennifer Liberto

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 ...


TOPICS: Business/Economy; Front Page News; Government
KEYWORDS: bawneyfwank
So I guess if you are a conservative, forget getting a loan...
1 posted on 10/22/2009 10:36:44 AM PDT by markomalley
[ Post Reply | Private Reply | View Replies]

To: markomalley

“Change” means “Communism.”


2 posted on 10/22/2009 10:37:45 AM PDT by RockinRight (The liberals' idea of tax relief is to give everyone a tube of K-Y Jelly.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: markomalley

Regulation should be about managing risks, not micromanaging product offerings.


3 posted on 10/22/2009 10:37:54 AM PDT by dirtboy
[ Post Reply | Private Reply | To 1 | View Replies]

To: dirtboy

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.


4 posted on 10/22/2009 11:06:34 AM PDT by VA_Gentleman (Everybody says they have a plan, until they get punched in the face. - Mike Tyson)
[ Post Reply | Private Reply | To 3 | View Replies]

To: markomalley

I expected Barry to call a Populist Misdirection play now that he’s mired at -13


5 posted on 10/22/2009 11:06:55 AM PDT by Buckeye McFrog
[ Post Reply | Private Reply | To 1 | View Replies]

To: markomalley

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.


6 posted on 10/22/2009 6:30:25 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson