The U.S. Chamber of Commerce doesn't want the controversial Consumer Financial Protection Bureau to begin issuing new business regulations unless it has a permanent director. President Barack Obama has yet to nominate a director for the new consumer bureau, which will begin operations July 21, The Washington Post reported
The Chamber made the request in a letter to Treasury Secretary Timothy Geithner. Jess Sharp, of the Chamber’s Center for Capital Markets Competitiveness, told the Post we “hope they’ll sort of hit the pause button and not begin to regulate until the bureau is fully constituted.”
The letter from the Chamber was signed by the Financial Services Roundtable and a number of other business groups. The letter warns that moving too quickly will put more burdens on small businesses and increase the cost of loans for consumers and businesses, the Post said.
The bureau is currently being run by Harvard law professor Elizabeth Warren, who was appointed as a temporary head in September and hasn't already hired more than 100 employees. Should a permanent director not be in place July 21, Geithner could take over some of the bureau’s responsibilities, according to the Post.
For example, the Treasury secretary could go ahead with investigations into whether large banks were complying with consumer laws but couldn't come up with new rules for financial firms that aren't part of banks, according to the Post.
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