House votes to revamp new consumer protection agency

[David Gill]

Source: Politico

The House voted Thursday to change how the Consumer Financial Protection Bureau is managed, passing legislation to install a five-member oversight panel to run the new agency instead of a single director.

The 241-173 vote – which came on the one-year anniversary of the Dodd-Frank financial reform bill – also would make it easier to overturn regulations imposed by the bureau, which officially opened for business on Thursday.

Congressional Republicans cheered the prospect of the five-member commission, arguing that one director is too powerful and not sufficiently accountable. The GOP has also attacked the agency for leveling what they say are burdensome regulations.

The commission “is going to work on the behalf of consumers. It is not a Republican or a Democrat issue,” said freshman Rep. Sean Duffy (R-Wis.), the sponsor of the bill. “My bill gives a voice to Main Street America.”

Read more: http://www.politico.com/news/stories/0711/59624.html

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Absolutely unbelievable how Orwellian their communications are. "Gives a voice to Main Street," give me a break! I didn't know there was a "Main Street" in the Hamptons!

New drinking game: Every time a Republican says something that is the exact opposite of the truth take a shot.

I dare you.

[eppur_se_muova]

1. "Revamp" is the new "reform"?

i.e. Repug code for "gut".

[valerief]

6. I think "revamp" is the new "gut". nt

[midnight]

14. I think your right.... That's why they had to get rid of Elizabeth.. So everything she spent the

last year putting together was just for show.... It will be turned into a toothless agency for the banisters to fast track their crimes....

[roxiejules]

10. Gut (verb)

"to destroy the essential power or effectiveness of"


Yep, pretty much describes what happened to Elizabeth Warren's dream.

[Turbineguy]

2. The repubs have to make sure

consumers are not protected.

[Kingofalldems]

3. Panel to consist of wealthy businessmen

[Tiggeroshii]

4. I'd like my BAC to stay BELOW .99 please, thanks

No I'm Kidding... Bottoms up! :toast:

[quaker bill]

16. Exactly, I only have one liver... n/t

[PSPS]

5. "It is not a Republican or a Democrat issue," said freshman Rep. Sean Duffy (R-Wis.)

[Bluenorthwest]

11. That's Rep. "Poor Sean Duffy" R- Spendthrift

He's the one who says he barely gets by on his 170k a year. Whines about it. Poor Sean.

[David Gill]

12. If there's anyone who should know about bipartisanship, it's a Republican first elected in 2010

in Wisconsin!

[FiveGoodMen]

7. "Every time a Republican says something that is the exact opposite of the truth take a shot"

We'd be dead before sunrise.

[Fearless]

8. What happens when the president doesn't fight for it.

[blackspade]

9. Fail.

'The commission “is going to work on the behalf of consumers. It is not a Republican or a Democrat issue,” said freshman Rep. Sean Duffy (R-Wis.), the sponsor of the bill. “My bill gives a voice to Main Street America.”'

What a douche.

[jzodda]

13. De-fanging the agency before it starts will go noplace in the Senate

n/t

[Wednesdays]

24. And Obama has to sign the bill, too, right?

Either way, this thing is DOA.

[Islandlife]

15. Is a five member commission more accountable than a sole director?

It's easier to hold one person accountable. It's a link in the chain of command. Responsibility and accountability should be clear.

[AlbertCat]

20. Is a five member commission more accountable than a sole director?

Smaller Government, doncha know....

[roxiejules]

17. Ten Democrats voted for it

Check at the voting record for your Reps:

http://www.govtrack.us/congress/vote.xpd?vote=h2011-621

[roxiejules]

18. Kurt Schrader (D) of Oregon voted in favor of (gutting) H.R. 1315

and Earl Blumenauer (D) of Oregon did not vote.


Rep. Peter DeFazio (D) and Rep. David Wu (D) voted against.


Thank you DeFazio and Wu!


http://www.govtrack.us/congress/vote.xpd?vote=h2011-621

[alp227]

23. most of the others are from the South n/t

[kiranon]

22. Need to primary these ten Democrats. n/t

[aquart]

19. I want to shake these spoiled brats till their teeth rattle.

[kiranon]

21. Hammer away at the Republicans in the 2012 election campaign over this.

Proof positive they do not care for regular folks and only protect big interests. The Republicans have become full time lobbyists for corporate interests IMHO.