CFPA toothless?
October 26, 2009 | federal legislation, industry, regulation | Comments (0)Not from where I sit, but the AP says this:
Hints of looming pitfalls for a new consumer agency were evident in the debate this week before the House Financial Services Committee. Even there, where the president’s party holds a 42-29 edge, Obama didn’t get all he wanted. Up until the end, White House aides buttonholed individual members, fighting unsuccessfully against yet another exemption to the powers of the proposed consumer protection agency.
The panel’s chairman, Massachusetts Rep. Barney Frank, acknowledged later that of all the aspects of financial regulation that he is contending with, the consumer agency was politically the most difficult. Indeed, consumer advocates applauded him for preserving as many consumer protections as he did.
Still, Travis Plunkett of the Consumer Federation of America called the bill “battered and bruised.”
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