Who has the upperhand?
July 28, 2009 | federal legislation, industry | Comments (0)This article says lobbyists are winning the battle of the Consumer Finance Protection Agency:
House Financial Services Committee Chairman Barney Frank (D-Mass.) initially planned to pass a financial regulatory reform bill through the lower chamber by the August recess. But unified financial-industry opposition to Obama’s proposal to set up a Consumer Financial Protection Agency caused Frank to delay his legislation until the fall.
When he proposed the agency in June, Obama said, “While I’m not spoiling for a fight, I’m ready for one.”
Industry groups note that they are winning this battle, especially with the White House focusing almost exclusively on recapturing momentum lost on healthcare reform.
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