They did it
June 25, 2010 | federal legislation, industry | Comments (0)Conference ended at 5:30 a.m. Here’s the story from this morning’s Washington Post:
A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600 trillion derivatives market. In addition, a council of regulators, headed by the Treasury Secretary, would monitor the financial landscape for potential systemic risks.
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They agreed to exempt the nation’s 18,000 auto dealers from oversight by a new consumer financial protection watchdog, a striking legislative victory for one of the nation’s most influential lobbying groups and blow to consumer advocates and Democratic leaders who had long opposed such a loophole. “It is time for people like myself to concede that the votes are not there to give the consumer regulator any role in this,” Frank said.
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