White House: Financial Overhaul Must Include Consumer Agency
January 20th, 2010 admin
The White House said President Barack Obama won’t abandon his desire to see a new consumer financial protection agency included in regulatory overhaul legislation, dousing speculation that the proposal may be watered down or eliminated. President Barack Obama (Associated Press) “Financial reform has to include a consumer protection agency,” White House spokesman Robert Gibbs said Wednesday. The Wall Street Journal had reported last week that Senate Banking Committee Chairman Christopher Dodd (D., Conn.) may scrap the idea of creating a separate Consumer Financial Protection Agency as part of a sweeping financial-sector overhaul bill. Dodd has approached Republicans about possibly beefing up consumer protections within an existing agency and ditching the idea of a new agency, which is fiercely opposed by the banking…
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A plan under serious consideration by Senate Banking Committee Chairman Christopher Dodd (D., Conn.), to potentially create a new consumer protection division within the Treasury Department instead of establishing a new entity as originally designed by the White House, triggered a variety of reactions on Thursday. The agency envisioned by the White...
Senate Banking Committee Chairman Christopher Dodd (D., Conn.) spoke with the Wall Street Journal on Sunday about the bill he plans to introduce Monday to rewrite financial market regulations. Mr. Dodd said the bill had been “well vetted, well thought out, and thoroughly explored. I’m not interested in setting up a regulatory structure that strangles...
Several prominent policy makers rallied Tuesday to support the creation of an independent Consumer Financial Protection Agency , as anticipation mounts over the details of legislation that Senate Banking Committee Chairman Christopher Dodd (D., Conn.) is drafting to overhaul financial regulation. 1) Harvard’s Elizabeth Warren , whom many credit...
Paul Volcker , a top adviser to U.S. President Barack Obama , Tuesday expressed optimism that a financial overhaul containing a version of his proposal to limit bank risk would pass in Congress. Obama adviser Paul Volcker (Getty Images) The former Federal Reserve chairman defended his proposal to give regulators the power to force banks to get...
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A lot of action is expected this week in the Senate – and in the Obama administration – over the White House’s push for new financial rules. Senate Banking Committee Chairman Christopher Dodd (D., Conn.) told reporters Monday he hopes to bring a bill to his committee in a matter of “days.” Here’s an update of news on the financial overhaul:...
Congress is about to loose another new regulatory agency on the business world: The Consumer Financial Protection Bureau.
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Sen. Christopher Dodd (D., Conn.) said he has reached an impasse over regulatory reform with Republican counterpart on the Senate Banking Committee, Sen. Richard Shelby (R., Ala.). Sen. Shelby released the following statement: “There are two bedrock principles on which I will not compromise: the safety and soundness of the financial system and...
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