Regulators fight CFPA
October 7, 2009 | federal legislation, industry | Comments (0)From the Boston Globe:
In addition to the Office of Thrift Supervision, the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve are all fighting key elements of the plan.
Open defiance from departments of the federal government has clearly annoyed the administration. But by law, the financial regulators are independent of the White House. Bowman was promoted by Treasury Secretary Timothy Geithner from chief counsel to acting director of the Office of Thrift Supervision in March. Comptroller John C. Dugan and FDIC chief Sheila Bair were both appointed by former President George W. Bush. Federal Reserve chairman Ben Bernanke was originally appointed by Bush, but Obama has nominated Bernanke for another term.
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