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 This material may not be published, broadcast, rewritten or redistributed.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
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

Report: NYPD Commissioner Bratton Forced his Deputy to Retire

Tuesday, 16 Sep 2014 13:13 PM

The president of the New York Police Department's Hispanic Society has slammed NYPD commissioner Bill Bratton for forcin . . .

Bezos and Musk Go Head-to-Head in Skies and in Court

Tuesday, 16 Sep 2014 12:43 PM

From cyberspace to outer space, the battle for supremacy between Amazon founder Jeff Bezos and PayPal founder Elon Musk  . . .

Obama Announces Coolant Phase-Out to Help in Global-Warming Fight

Tuesday, 16 Sep 2014 12:35 PM

President Barack Obama, whose administration is moving quickly to enhance his environmental legacy, wants a quicker phas . . .

Most Commented

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