House Republicans don’t like the idea of the Consumer Finance Protection Bureau that was part of last year’s financial reform law, and they don’t like Elizabeth Warren, who is spearheading the bureau’s formation. They showed that displeasure at a meeting of the Oversight and Government Reform Committee Tuesday, Politico reports.
GOP congressmen said Warren lied to Congress and is creating a “super class of administrative elites” to guide the bureau.
Rep. Patrick McHenry, chairman of the Oversight Committee’s financial services subcommittee, said that the bureau, headed by Warren, would exercise unrestrained authority to regulate financial products such as mortgages and credit cards.
Warren responded that those are simply politically motivated, “overblown” fears rather than fact.
Republicans know they can’t overturn the entire financial reform law, so they have taken on the narrower goal of torpedoing the bureau and Warren.
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