Proposed Consumer Financial Protection Agency loses support in Senate committee
The Consumer Financial Protection Agency (CFPA), the proposed watchdog of the nation’s financial service businesses, is losing support among members of the Senate Banking Committee as they begin to deliberate over the House-passed legislation.
The House passed the bill, H.R. 4173, The Wall Street Reform and Consumer Protection Act of 2009, in December essentially along party lines. The House package created the CFPA and exempted CPA services from oversight by the new agency.
The CFPA continues to face strong opposition from the financial services industry, as well as Republicans in the Senate. Senate committee members are reportedly discussing reductions to the proposed agency's status, possibly making it instead a division of a new systemic risk regulator. While no proposals have been agreed upon, changes to the agency’s status could greatly water down what the president originally envisioned.
Senate Banking Committee Chairman Christopher Dodd, D-Conn., is currently working on his own financial regulatory reform legislation. Dodd said he hopes to move a bill from the committee to the Senate floor within weeks. Once the Senate finalizes a financial regulation reform package, a conference committee will be formed to reconcile the Senate and House bills before anything can be sent to the president.
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