GOPs oppose proposal for consumer bureau at Treasury Department

[cory777]

Source: The Hill

By Silla Brush - 02/27/10 08:30 PM ET

Republicans on the Senate Banking Committee oppose a measure to create a bureau of financial protection at the Treasury Department, a Senate Republican aide said on Saturday evening.

The proposal represented an effort by Committee Chairman Chris Dodd (D-Conn.) to strike a bipartisan deal on legislation to overhaul the financial system. The consumer protection provisions have been the most controversial aspect of the debate.

Dodd and Republicans on the panel discussed legislation creating a consumer bureau at the Treasury Department instead of a standalone government agency as originally proposed by President Barack Obama.

Read more: http://thehill.com/homenews/senate/84083-gops-oppose-proposal-for-consumer-agency-at-treasury-dept

---

And the fox continues to guard the hen house.

[katandmoon]

1. Of course they do. Countdown to how long it takes Obama to forget the whole thing.

[keroro gunsou]

2. and in other news

sun rises in the east, sets in the west.

[depakid]

3. Of course they do- trouble is there are also high profile Democrats who smear the rest of the party

making it very difficult to tar and feather Republicans as a group on every level with things like this. What's worse is that instead of a fighter in the whitehouse, we have "The Great Conciliator" who rarely misses a chance to enable and legitimize the these type (right alongside Republicans)

So what we get is "both sides are complicit and corrupt" -which leads to disillusionment and Democratic losses across the board and down the tickets.

[liberal N proud]

4. Naturally

They are the party of NO!

Will America see through this fucked up idea of government?

Or are they so fucking stupid they will vote the party of NO back into power?

[Old Codger]

5. They seem to

Be really really slow learners, they are not going to get any "bipartisan" from any of the dingbats that attempt to pass themselves off as Americans.

[jillan]

6. What a surprise! Really? The Repugs opposed something? Shocking!

[SlingBlade]

7. Well, I guess we can kiss that idea gone then.

I can't wait until we get a Democratic majority in Congress

That'll show those stupid republicans !

[rpannier]

8. For 6 years they told us they couldn't do anything because they were the minority

Now it's because they don't have 60 votes

If there were 99 Democrats and 1 Republican in the Senate, that Republican would walk all over them

[SlingBlade]

11. K & R THAT, my Friend.

[scentopine]

9. Why place this under the treasury?

We've seen the treasury department operates in secret and there is ample evidence of Geithner's collusion with AIG to hide the true state of AIG from investors. Why in the name of holy hell on earth would anyone put these bastards between a consumer and the likes of a quasi-governmental corporation like AIG who commits fraud on a regular basis with no consequences to the BOD? There needs to be independence and transparency between the banks and consumers. Treasury is the last place where this can occur.

Sick of this bi-partisan shit. Just an excuse to water down legislation to the point of protecting corporations and hurting consumers. Man, this is just fucked up. Dodd is bailing out and he's determined to take one more grab out of the treasury honey pot and hand it over to his corporate benefactors.

We need a third political party. Both parties are just grabbing at the treasury to fill their own pockets.

[TankLV]

10. Seriously - is anybody surprised by this - hello!!!

[maddezmom]

12. kick

[The Northerner]

13. Senate Bank Panel Said to Agree to Scrap Obama Consumer Agency

Source: Bloomberg

March 1 (Bloomberg) -- Senate Banking Committee negotiators, working through the weekend, agreed to drop the stand-alone consumer agency sought by the Obama administration and opposed by the banking industry, removing an obstacle that has stalled new U.S. financial rules.

Committee Chairman Christopher Dodd, a Connecticut Democrat, joined committee Republicans in seeking an alternative to the Obama proposal. Democrats and Republicans are still seeking a deal to place consumer powers within another regulator, said people with knowledge of the discussions who declined to be identified because the talks are private.

“While this presents a new set of issues for regulatory reform, it does resolve a fairly significant and sensitive one for the banking industry: a consumer financial protection agency completely de-linked from the safety-and-soundness regulators,” said Kevin Petrasic, a lawyer at Paul, Hastings, Janofsky & Walker LLP in Washington.

The negotiations focused on President Barack Obama’s Consumer Financial Protection Agency, which stalled talks on the overhaul, with Dodd proposing a bureau in the Treasury and Senator Richard Shelby, the committee’s top Republican, suggesting such powers go to the Federal Deposit Insurance Corp. Neither proposal advanced, a Senate aide said. Talks between the two lawmakers on the legislation had collapsed last month.

Read more: http://www.bloomberg.com/apps/news?pid=20601070&sid=aoPs44KpdxUg

[FreakinDJ]

14. This is not good

[Stuart G]

17. Doesn't say much for what is going on, Does it? nt

[AlbertCat]

18. Doesn't say much for what is going on, Does it?

Dems are obviously trying to do what their party leader, the President of the US, wants them to do....er....wait...
Oh, never mind...

[Donnachaidh]

15. Wonder which corporation Chris Dodd will be lobbying for after his retirement?

Which one benefits the most from this evil maneuver?

[cyberswede]

16. I wish I were surprised. n/t

[classysassy]

19. The power of money

grass root movements have been hampered by money from big business,our reps in our congress have been bribed(bought)and they do what ever the money men tell them to do.Until the citizens revolt against this take over of the peoples reps we will continue to see the bribers and the bribed take complete control of our country.We sit out elections and let the il informed voter pick our congress critters when we should be first in line at the polling places.

[liberal N proud]

20. There is no future in the consumer if you are a Senator

They will choose greed over doing what is right for the country or their presumed constituents.