White House Threatens Veto of GOP Bill Curbing Consumer Bureau Powers
July 20, 2011
On July 20, the White House announced that it would veto Republican attempts to
curb the Consumer Financial Protection Bureau (CFPB), saying those attempts
would "expose American consumers and the nation's economy to the same risks that
led to the 2008 financial crisis." The CFPB, set to begin work on July 21,
remains a target of Republican criticism, with charges that it is too powerful
and subject to too little oversight. U.S. House Republicans will put forward a
bill that would make three significant changes to the bureau's operation:
establish a five-person commission at the top of the CFPB; prevent the CFPB from
assuming transferred powers from other regulators without a confirmed director
in place; and make it easier for the Financial Stability Oversight Council to
overturn CFPB rules.
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