House Tries to Shackle Sway of New Consumer Agency

Thursday, 21 Jul 2011 01:56 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

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 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Researcher: Total Parental Involvement Can Hinder Kids' Education

Thursday, 17 Apr 2014 20:07 PM

Most parents believe the more they are involved in their children's education, the better they will do in school. Keith  . . .

Democratic Underdog for AR Gov. Race Charges Party Is 'Unfair'

Thursday, 17 Apr 2014 20:01 PM

An underdog Democratic candidate for governor in Arkansas claims she's getting the shaft from her own party. Lynette Br . . .

Chris Wallace Signs New Multi-Year Deal With Fox News

Thursday, 17 Apr 2014 18:58 PM

Chris Wallace has signed a new multi-year deal to remain at Fox News, Deadline Hollywood reports.  . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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