Consumer Financial Protection Agency Bill Passes the House Financial Services Committee

Today the House Financial Services Committee passed legislation to create the Consumer Financial Protection Agency.  Although the legislation has yet to pass the full House and Senate, the current bill would make the new agency responsible for rulemaking, examination and enforcement of financial institutions that provide consumers with financial products and services.  Furthermore, the Federal Reserve's rulemaking authority under current consumer banking laws would be transferred to the new agency.
 
Click here for the House Financial Service Committee's press release, and click here for the bill's summary.

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