{"id":364293,"date":"2010-02-25T17:10:30","date_gmt":"2010-02-25T22:10:30","guid":{"rendered":"http:\/\/blogs.wsj.com\/economics\/2010\/02\/25\/white-house-barney-frank-us-chamber-weigh-in-on-consumer-agency\/"},"modified":"2010-02-25T17:10:30","modified_gmt":"2010-02-25T22:10:30","slug":"white-house-barney-frank-u-s-chamber-weigh-in-on-consumer-agency","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/364293","title":{"rendered":"White House, Barney Frank, U.S. Chamber Weigh In on Consumer Agency"},"content":{"rendered":"

A plan under serious consideration by Senate Banking Committee<\/strong> Chairman Christopher Dodd<\/strong> (D., Conn.), to potentially create a new consumer protection division within the Treasury Department instead of establishing a new entity as originally designed by the White House, triggered a variety of reactions on Thursday. The agency envisioned by the White House was called the Consumer Financial Protection Agency<\/strong>, or CFPA.<\/p>\n

White House spokeswoman Jennifer Psaki<\/strong> said the administration\u0092s top priorities \u0093are ensuring the bill includes independent appointment, an independent budget, and an independent ability to set and enforce clear rules of the road to protect American families.\u0094 What she didn\u0092t say, though, is that the agency must be a standalone entity, showing how the White House and Mr. Dodd may be converging in this area.<\/p>\n

House Financial Services Committee<\/strong> Chairman Barney Frank<\/strong> (D., Mass.) said lawmakers\u0092 experience with the recent credit card legislation, when banks sought to impose higher fees ahead of the law going into effect, highlights the need for a CFPA.<\/p>\n

\u0093It showed why you need the agency. Obviously when the Senate acts we\u0092ll see what they\u0092ve got but I\u0092m not ready to start giving things away now,\u0094 Mr. Frank said following a hearing on Capitol Hill.<\/p>\n

The U.S. Chamber of Commerce<\/strong>, which has aggressively fought the creation of the CFPA, put out a statement saying housing CFPA within Treasury could still pose major problems for businesses.<\/p>\n

\u0093While we appreciate the administration\u0092s willingness to consider alternatives, suggestions that the proposed CFPA could be housed within the Treasury Department is merely a victory in form, not in substance,\u0094 said Ryan McKee<\/strong>, senior director of the Chamber\u0092s Center for Capital Markets Competitiveness<\/strong>. \u0093Make no mistake about it, this new proposal is nothing more than a wolf in sheep\u0092s clothing.\u0094<\/p>\n

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A plan under serious consideration by Senate Banking Committee Chairman Christopher Dodd (D., Conn.), to potentially create a new consumer protection division within the Treasury Department instead of establishing a new entity as originally designed by the White House, triggered a variety of reactions on Thursday. The agency envisioned by the White House was called […]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-364293","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/364293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=364293"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/364293\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=364293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=364293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=364293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}