Senate Banking Chairman Will Not Take Up GOP Bills on CFPB

May 20, 2011

The Sen. Tim Johnson (D-SD), chairman of the Senate Banking Committee, said he will not review any of the GOP’s proposed changes to the Consumer Financial Protection Bureau ahead of the agency’s opening, according to HousingWire.

“Senate Republicans may want to use revisionist history, but the structure of the CFPB was developed with Republican ideas in bipartisan negotiations last year. However, they ultimately chose to walk away instead of supporting these important new protections for American consumers,” Johnson said this week. “We should not re-legislate the bureau when it hasn’t even had a chance to start doing its job.”

The House Financial Services Committee passed three bills last week that each seek to restructure the bureau.

“Senate Democrats have said these and other House legislation to end foreclosure-prevention programs are essentially ‘dead on arrival,’” reports HousingWire.

Forty-four Senate Republicans recently declared in a letter to President Obama they wouldn’t approve any CFPB nominee until the agency is reorganized .

“Republicans opposed a strong consumer watchdog from the start, and now they are at it again,” Johnson said. “The truth is this bureau is already subject to greater checks and balances than any other financial regulator and this is just another attempt to delay and derail these critical new protections.”


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