RSSHouse panel OKs consumer protection agency
From: The Washington Times | October 22, 2009
UPDATED: WASHINGTON — The House Financial Services Committee voted Thursday to create a federal agency devoted to protecting U.S. consumers from predatory lending, abusive overdraft fees and unfair rate hikes. Democrats are hailing the 39-29 vote as a win for the average American. It is a major step forward in enacting President Barack Obama’s plan to tighten the rules governing Wall Street, although the measure still faces scrutiny by the full House and Senate. The legislation has been the target of an aggressive multimillion-dollar lobbying campaign by the financial industry, which contends that the agency would have dangerously broad reach. …
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