Expect Debate On Proposed Consumer Financial Protection Agency To Take Place Soon

Posted by Staff on September 30, 2009 |

House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) announced Thursday that a markup for legislation regarding a recently proposed Consumer Financial Protection Agency will occur in two weeks.

Frank said during Thursday’s hearing that the goal of the proposed agency is to streamline consumer protection rules and serve as a building block for financial reform.

“Consumer protection suffers very deeply and this bill would remedy that,” said Frank

The Massachusetts Democrat explained that if passed, the legislation would take power and funding from the Federal Reserve.

“We do not think that banks should be charged extra for this…the Federal Reserve will be ceding a lot of power that is not used very much and funding will come with it,” said Frank.

September 30, 2009
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