Minnick amendment to scrap proposed consumer protection agency fails

A controversial amendment to gut a key part of financial overhaul legislation failed on Friday.

The House voted 223-208 against an amendment sponsored by Rep. Walt Minnick (D-Idaho) that would have scrapped the proposed Consumer Financial Protection Agency (CFPA).

Minnick favored a council of existing regulators and found support among Republicans, some centrist Democrats and business lobbying interests.

The U.S. Chamber of Commerce scored the amendment.

House Financial Services Committee Chairman Barney Frank (D-Mass.) strongly opposed the amendment.

The overall bill is headed for passage later on Friday.

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