Tags: Consumer Bureau Fight

House Tries to Shackle Sway of New Consumer Agency

Thursday, 21 Jul 2011 01:56 PM

 

WASHINGTON — The new Consumer Financial Protection Bureau officially opened its doors Thursday with the House considering legislation that could restrict its authority to act against abuses of the financial system.

Republican sponsors of the bill say they are simply trying to promote transparency and accountability in the agency that was created a year ago as part of President Barack Obama's overhaul of the rules governing financial markets.

But the White House has threatened to veto the legislation, saying it would expose consumers to the same risks that led to the 2008 financial meltdown. The Democratic-controlled Senate is unlikely to take it up.

The bill would replace the agency's director with a bipartisan commission and make it easier for other financial regulators to block the agency from issuing regulations.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Navy Abandons 'Global Force for Good' to Broaden Appeal

Saturday, 31 Jan 2015 13:55 PM

The Navy is taking a new approach to its recruiting commercials: Appealing to people who are already in uniform, have lo . . .

NYC's de Blasio: I've Moved Past Police Crisis

Saturday, 31 Jan 2015 13:04 PM

Weeks removed from an open revolt from his own police force that had officers turning their backs on him, Mayor Bill de  . . .

Letter with Suspicious Powder Received at Samaritan's Purse

Saturday, 31 Jan 2015 12:08 PM

The FBI says it is investigating a suspicious letter containing white powder that was sent to the headquarters of the Sa . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved