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Reps. Frank, Waxman still fighting over consumer board's structure

By Silla Brush - 10/29/09 02:51 PM ET

Rep. Barney Frank (D-Mass.) said a legislative effort backed by Rep. Henry Waxman (D-Calif.) would weaken a new federal agency on financial protection.

The Hill reported on Wednesday that the two powerful Democratic committee chairman were clashing over legislation setting up a new Consumer Financial Protection Agency (CFPA), a key priority for President Barack Obama's administration.

Waxman supports the new agency but with a five-member commission in charge. Frank strongly supports having a single director at the helm. The debate on leadership structure is central to the power and scope of the new agency.

Frank redoubled his efforts on Thursday to make his case.

"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," Frank said on Thursday.

Source:
http://thehill.com/blogs/blog-briefing-room/news/65457-reps-frank-waxman-still-fighting-over-consumer-boards-structure

Comments (5)

Barney Frank has a horrible record with financial oversight. Horrible. Why anyone would follow his advice at this point is stunning.Barney does not understand that Americans do not trust czars. We have not done well with single directors either in our bailouts and porkouts. We even wince when we see HIM. I wouldn't want Barney Frank anywhere near my retirement fund or near any oversight committee.Nor Chris Dodd. They are the loser financial duo.BY tropicgirl on 10/29/2009 at 16:49
All the comments in the hill are written by republican people. These republican wants our country to go backwards. These republican are angry people. Especially republican from southern states.BY Repsucks on 10/29/2009 at 17:30
For the record, I am an independent leaning more toward Kucinich than Pelosi or Obama. (in case you meant me). But the paid Democratic blogs do not post anything anti-Obama et al. You have to go elsewhere to say anything contrary.Don't get your parties mixed up.BY tropicgirl on 10/29/2009 at 17:51
REPSUCKS has it backwards. Franks sucks. As does most of the liberal homo loving left.BY Lyndons Johnson on 10/30/2009 at 09:50
In a memo obtained by POLITICO, Energy and Commerce staff argued that, "the five-person panel would bring the CFPA more into line with the structure of other independent regulatory agencies."We all know how effective the other independent regulatory agencies have been.BY Brian J. Donovan on 10/30/2009 at 10:50

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