Senators near deal on consumer agency :: The Political Carnival

Senators near deal on consumer agency

Posted by GottaLaff

· Monday, March 1st, 2010 at 5:05 pm

By GottaLaff

http://finickypenguin.files.wordpress.com/2008/02/compromise.jpg

I’m surprised when anything gets done these days:

Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) is nearing a deal with Sen. Bob Corker (R.-Tenn.) to propose the creation of a consumer protection authority housed inside the Federal Reserve, according to three sources familiar with the negotiations.

This would be whatcha call a major breakthrough in negotiations.

Originally, Chris Dodd and Bob Corker wanted an independent agency, one that could write, as well as enforce, rules that would protect consumers.

This is the compromise:

The proposed regulator would be appointed by the president, with a dedicated source of funding and the power to write rules, but enforcement of those rules would remain the responsibility of banking regulators.

3 Comments

Categories : Uncategorized

Tags : banking, Chris Dodd, compromise, consumer protection, deal, Senator Bob Corker, U.S.Senate

Huda

Regulations are not just there to protect the middle class, but also to keep the share holders and board members from collapsing these companies under shady deals and artificial profits.

Here in Canada, we were not as affected by the economic turmoil sweeping Europe and the US, largely because we have very strict rules and regulation governing how the banking industry and other financial sectors operate. The conservative party was thinking of loosening the real estate rules, luckily for us the US mortgage crisis have proven the wisdom of having such regulation.

I'm coming to the conclusion that American politics in the past 30 years has been about keeping the status qua preserved; rather than fixing existing problems. If you keep electing the same people who have not done much to help you into office, you can't expect different results.
hippie_cyndi

"Originally, Chris Dodd and Bob Corker wanted an independent agency, one that could write, as well as enforce, rules that would protect consumers."

No they did not…..watering down everything 2 the extend its not worth having is what these dems are good @ these days. We know where Republicans stand….against everything that protects Americans whether consumers or patients…..but the dems seems to be no better.
jazzguyal

That's going to as toothless as a hundred year old man.

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Senators near deal on consumer agency

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