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House Panel Votes to Revamp the Consumer Bureau

Subcomittee vote runs down party lines as new bureau moves toward July opening.

By Claude R. Marx | Updated on May 04, 2011

The new federal consumer bureau doesn’t even open for business until July, but House Republicans on Wednesday took the first steps to change its structure in a way that Democrats say would weaken it.

The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit approved bills that would have the bureau run by a five-member board rather than a director; allow the bureau’s decisions to be overturned by a majority vote of the Financial Stability Oversight Council rather than two thirds; and delay the July 23 start up of the bureau until a director is in place.

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