General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRethugs Go Into Overdrive to Destroy Elizabeth Warrens Consumer Financial Protection Agency
A sweeping Republican rewrite of the Dodd-Frank Act would significantly reduce the Consumer Financial Protection Bureaus (CFPB) power and subjected it to greater White House and congressional oversight.
The bill would turn the CFPB into an executive agency with a removable director, drastically limited powers and a budget controlled by Congress.
House Republicans are preparing major changes to the Dodd-Frank Act, the post-recession banking regulation long reviled by the GOP. House Financial Services Chairman Jeb Hensarling (R-Texas) will release a comprehensive rewrite of the bill by the end of April, a Republican committee aide said Tuesday.
President Trump said Tuesday morning that Republicans are working on "a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many."
The new version of Hensarlings 2016 CHOICE Act would rename the CFPB as the Consumer Financial Opportunity Agency and rein in its powers, according to an outline sent to Financial Services Committee Republicans. These changes in the new version of Hensarling's bill are similar to those proposed in a February memo from the chairman.
http://thehill.com/policy/finance/328387-gop-dodd-frank-rewrite-would-strip-consumer-bureau-power-give-trump-control-of
The coup rolls onward...
Eliot Rosewater
(31,112 posts)everybody in the lower 97% of the income brackets.
In other words about 300 million of us, they really dont like us.
orangecrush
(19,572 posts)For their donaters interests.
ananda
(28,866 posts)Destroy every institution and policy that helps people.
Make war all the time.
And enjoy the profits.
orangecrush
(19,572 posts)To rebuild Putins military.
Angry Dragon
(36,693 posts)orangecrush
(19,572 posts)Like they just want to love me to death.