Plan Advances for New Agency for Consumers; GOP, Wall Street against It
Byline: Sean Lengell, THE WASHINGTON TIMES
House Democrats moved closer Wednesday to adopting President Obama's plan for a new regulatory agency designed to protect consumers from unscrupulous financial deals, despite opposition by Republicans and Wall Street.
House Financial Services Committee Chairman Barney Frank said he plans to prepare a final draft for the legislation the week of Oct. 12, promising that the new agency would offer greater protections for mortgages, credit cards and loans by establishing simpler and more transparent rules and regulations.
The proposed Consumer Financial Protection Agency (CFPA) would strip consumer regulatory powers …
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Publication information: Article title: Plan Advances for New Agency for Consumers; GOP, Wall Street against It. Contributors: Not available. Newspaper title: The Washington Times (Washington, DC). Publication date: October 1, 2009. Page number: A07. © 2009 The Washington Times LLC. COPYRIGHT 2009 Gale Group.
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