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December 11, 2009 | Wall Street Journal, federal legislation, industry | Comments (1)From today’s Wall Street Journal:
House Democrats agreed to allow a vote on a proposal to replace a consumer-protection agency with a council of existing federal regulators.
The proposal, being offered by Rep. Walt Minnick (D., Idaho) as an amendment to sprawling financial-overhaul legislation being debated in the lower chamber, would effectively block the creation of a watchdog that advocates, including the Obama White House, contend is essential for reining in financial-industry abuses.
Meanwhile, a deal struck between House Democratic leaders and business-friendly members of their caucus late Wednesday would scale back language allowing states to issue tougher consumer protections than the proposed consumer agency. he financial industry was fiercely opposed to the bill’s original language, which they said would make it costly for national banks to operate.
Comments»
Great Post. I thought the chairman of the CBOE insight on regulations was very informative. You can find his view at http://cboenews.com/9-29-2009/index.php
Hope you like this!
Kevin
CBOE Advocate