The House Energy and Commerce Committee has approved the Consumer Financial Protection Act (CFPA) by a 33-19 vote, albeit with a new amendment that has already raised concern from a key backer of the legislation.
According to Washington, D.C.-based newspaper [link=http://thehill.com/blogs/blog-briefing-room/news/65457-reps-frank-waxman-still-fighting-over-consumer-boards-structure][u]The Hill[/u][/link], Rep. Henry Waxman, D-Calif., amended the bill to reconfigure CFPA authority from a single regulatory to a five-person president-appointed commission. However, Rep. Barney Frank, D-Mass., has publicly stated his opposition to this amendment.
‘Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection,’ says Frank.
The CFPA legislation has already passed the House Financial Services Committee, of which Frank is chairman, last week in a 39-29 vote.
SOURCE: The Hill