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No Relief for the Consumer Financial Protection Agency

February 15, 2010 - by Donny Shaw

When Sen. Bob Corker [R, TN] said last week that he still though a bipartisan financial reform bill was still possible, he must have meant that the Democrats would go along Republicans’ demands to remove the most significant part of the bill. Bloomberg:

“What you don’t want to have in my opinion is a consumer protection agency that’s free standing,” Corker said. “Nor do you want one that is inside another entity but acts as if it’s freestanding.”

The whole point of creating a freestanding Consumer Financial Protection Agency is that the other agencies that already have the legal authority to protect consumers from dangerous financial products, like the Federal Reserve, don’t use those powers.

(via Washington Independent)

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