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: JURIST - The Paper Chase

House approves bill to create consumer financial protection agency

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

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[JURIST] The US House of Representatives voted 223-202 Friday to approve a bill that would create a consumer financial protection agency and strengthen oversight of the financial industry. The Wall Street Reform and Consumer Protection Act of 2009 would also create a $150 billion industry-backed fund for the dismantling of large failed financial firms and outlaw many abusive and predatory lending practices. The vote came after the House rejected several proposed amendments, including one that would have created a council of regulators to oversee financial consumer protections instead of the single agency, which is opposed by the banking industry. The Senate will now consider similar legislation, a version of which was introduced by Senate Banking Committee chair Chris Dodd (D-CT) last month. The US House Financial Services Committee approved a bill to create a consumer financial protection agency in October. The committee passed the legislation after originally delaying it at the behest of financial industry leaders in July. The creation of the agency is a key step in the Obama administration's plans to tighten financial industry regulations. The administration originally proposed a broad series of financial regulatory reforms in June, calling for the creation of a consumer financial protection agency, among other reforms.

Full post as published by JURIST - The Paper Chase on December 11, 2009 (boomark / email).