[StBernard] Frank Statement on the Energy and Commerce Committee's Manager's Amendment to the CFPA

[Westley Annis]

October 29, 2009                                               

 

 

Frank Statement on the Energy and Commerce Committee's Manager's Amendment
to the CFPA 

Washington, DC - Today, House Financial Services Committee Chairman Barney
Frank (D-MA) released the following statement regarding the manager's
amendment to the Consumer Financial Protection Agency Act that was adopted
today by the House Energy and Commerce Committee. 

"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.

 

"The director will have the benefit of an oversight board of bank regulators
and consumer groups as well as a diverse advisory board to provide broader
input. But that input should be provided without diminishing the capacity to
act promptly and effectively which is best done by a single regulator."

 

###