The House today killed an amendment that would have killed the proposed Consumer Financial Protection Agency.
By a vote of 223-208, the House defeated an amendment to regulatory restructuring legislation by Rep. Walt Minnick (D-Idaho) that would have replaced the agency with a 12-member council of existing regulators staffed by the Treasury Department.
Minnick said the CFPA would be a recipe for "conflict, inaction, failure and frustration" because it would separate consumer regulation from safety and soundness regulation.
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His amendment was supported by all but one of the chamber's Republicans and by 30 Democrats.
Rep. Dennis Moore (D-Kan.) said the council proposed by Minnick's bill may be unconstitutional and "creates a bureaucratic nightmare."
Moore also noted that in crafting the CFPA, lawmakers exempted most banks and credit unions from facing additional regulation by the new agency. Enforcement of the CFPA regulations would be by the safety and soundness regulator of most financial institutions.
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