House Tries to Shackle Sway of New Consumer Agency

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.