by Deepak Gupta
As discussed in my previous post, the House Financial Services Committee is holding hearings this morning on GOP proposals to turn the CFPB into a five-member commission and strengthen FSOC veto power, among other things. A staff memo describes the four GOP bills from the sponsors' perspective.
The committee's website now includes the written testimony, including pro-Bureau statements by Adam Levitin of Georgetown Law and Hilary Shelton of the NAACP. The Chamber of Chamber asserts, with a straight face, that it wants to avoid regulatory capture. If you want an accurate overview of what's really going on here, read Levitin's testimony first.
Bloomberg News reports that Sen. Tim Johnson (D-SD), Chairman of the Senate Banking Committee, has come out strongly against the four GOP proposals under consideration, which suggests the proposals have little hope of making it through the Senate. “This issue was already considered during the thorough Wall Street reform debate we had last year," said Johnson in an email, "and agreement was reached that consumers would be protected best with a director in place at the CFPB.
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