What will the amendments be?
April 30, 2010 | federal legislation, industry | Comments (0)From the Dow Jones newswire:
A new consumer watchdog will be a prime target for amendments as the U.S. Senate debates sweeping financial-overhaul legislation over the next few weeks.
The underlying bill would create a consumer financial-protection bureau within the Federal Reserve that would police credit cards, mortgages and other consumer financial products. Republicans criticize the watchdog’s powers as too sweeping and warn it will overburden small businesses.
In contrast, some Democrats want to see the consumer entity given more power and independence.
The tug-of-war over the consumer agency has been overshadowed in recent weeks by partisan sniping over whether the bill would end future taxpayer bailouts of faltering financial firms. But the issue is likely to roar back to the forefront in the coming days.
Republicans will seek to scale back the reach and autonomy of the bureau. Republicans haven’t yet filed any amendments, but Sen. Bob Corker (R., Tenn.) is expected to offer an amendment with an alternative consumer financial-protection section.
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