The party of small govt in the house are in a tither over not being able to fund and control an agency that protects everyday Americans. The bill was written and designed to PROTECT AMERICANS from financial scams by BIG BANKS and Wall Street.
House GOP Votes To Take 'Consumer' Out Of Consumer Financial Protection Bureau
Feb 27 (Reuters) - The Republican-led U.S. House of Representatives passed a bill on Thursday to overhaul the U.S. consumer financial watchdog, although the politically charged legislation stands little chance of becoming law.
The Consumer Financial Protection Bureau, or CFPB, was created as part of the 2010 Dodd-Frank law to help protect Americans from financial scams.
Republicans say the agency is unaccountable to lawmakers because its funding comes from the U.S. Federal Reserve, not congressional appropriations. Democrats, on the other hand, staunchly support the agency's independence.
"The Consumer Financial Protection Bureau is not responsive to Congress because it doesn't get its funding from Congress," said Wisconsin Republican Sean Duffy, who sponsored the bill.
"We think it is appropriate when you have an agency that is so powerful and so unaccountable that we give the elected members of the American people the power to say how much money they should have."
http://www.huffingtonpost.com/2014/02/27/house-anti-consumer-bill_n_4870113.html
House GOP Votes To Take 'Consumer' Out Of Consumer Financial Protection Bureau
Feb 27 (Reuters) - The Republican-led U.S. House of Representatives passed a bill on Thursday to overhaul the U.S. consumer financial watchdog, although the politically charged legislation stands little chance of becoming law.
The Consumer Financial Protection Bureau, or CFPB, was created as part of the 2010 Dodd-Frank law to help protect Americans from financial scams.
Republicans say the agency is unaccountable to lawmakers because its funding comes from the U.S. Federal Reserve, not congressional appropriations. Democrats, on the other hand, staunchly support the agency's independence.
"The Consumer Financial Protection Bureau is not responsive to Congress because it doesn't get its funding from Congress," said Wisconsin Republican Sean Duffy, who sponsored the bill.
"We think it is appropriate when you have an agency that is so powerful and so unaccountable that we give the elected members of the American people the power to say how much money they should have."
http://www.huffingtonpost.com/2014/02/27/house-anti-consumer-bill_n_4870113.html