Deputy secretary says new CFPB will allow other regulators to focus on core missions, expand consumer choice and be accountable to Congress.
Less than four months into her tenure as chairman of the House subcommittee with primary jurisdiction over credit unions and other financial institutions, Rep. Shelley Moore Capito (R-W.Va.) has already tackled a wide range of issues.
Saying it will be the “start of a robust discussion,’’ on the set up of the Bureau of Consumer Financial Protection, House Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito announced an oversight hearing next Wednesday.
Rep. Barney Frank, the top Democrat on the House Financial Services Committee, invoked images of the Wild West in blasting efforts by Rep. Michele Bachmann (R-Minn.) to repeal the financial overhaul bill passed last year.
Congress completed work today on what some said is the most comprehensive financial regulatory bill since the New Deal when the Senate approved the measure 60 to 39.
The regulatory overhaul bill came a step closer to final passage today when the Senate voted 60-38 to end a Republican-led filibuster.
Death and taxes kept the effort to reform the nation's financial industry regulations from passage last week as the unexpected exit of the longest serving U.S. senator confused and delayed the bill's supporters.
Despite intense opposition by credit unions and banks, the House today approved a comprehensive financial overhaul bill by a vote of 237-192.
House and Senate Conferees agreed to a final version of the financial reform legislation that includes controversial language mandating the Federal Reserve to set debit card interchange rates at a "reasonable level."
House and Senate conferees are putting the final touches on the financial overhaul bill and were hoping to finish work Thursday evening so both chambers could vote next week.