Consumer protection agency weakened by Congress
October 20, 2009
How Much Damage to the US Economy Must Occur Before Congress Acts to Protect the American Public?
Weakened financial reform bill protects special interests at the expense of working families.
Washington, DC – The financial reform legislation that would establish a Consumer Financial Protection Agency has been severely weakened by Congress, which has bowed to the financial industry’s multi-million dollar lobbying campaign. The bill contains loopholes, exemptions and other weaknesses that undermine its ability to protect consumers or prevent another meltdown of the financial system. The failure of the legislation to ensure strong consumer protections is especially troublesome considering the impact the financial crisis has had: more than 300,000 homes going into foreclosure each month, unemployment approaching 10%, and more than 2.5 million people falling into poverty last year. H.R. 3126 is expected to be voted on by the House Financial Services Committee tomorrow.
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