Have Republicans Thrown in the Towel on Their Opposition to CFPB?

July 23, 2014
USA Today 
After fighting tooth and nail to block creation of the Consumer Financial Protection Bureau, Republican congressmen virtually failed to mention the CFPB in a new report on the shortcomings of financial reform.

The 97-page report released this week by the House Financial Services Committee mentions the new agency only in the context of its inclusion in the Financial Stability Oversight Council -- another new institution set up by the Dodd-Frank financial reform act, which brings together all the financial regulatory agencies to coordinate policy.

One reason for the reduced interest in attacking consumer finance protection might be found in a new poll out this week, which found that three-quarters of those surveyed are in favor of the CFPB — including 85 percent of Democrats, 75 percent of independents, and 63 percent of Republicans. This new poll follows on the heels of a similar survey released last week, which showed that 60 percent of Americans favor stricter regulation of banks, and only 28 percent oppose more regulation.

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