Dems May Cave on Consumer Agency
Proving they serve banks, not families, says Elizabeth Warren
By Rob Quinn, Newser Staff
Posted Jan 19, 2010 9:43 AM CST
Congressional Oversight Panel Chairwoman Elizabeth Warren asks a question of Treasury Secretary Timothy Geithner during a hearing on Capitol Hill.   (AP Photo/Susan Walsh)

(Newser) – Senate Democrats are signaling that they're willing to drop the independent Consumer Financial Protection Agency to get financial reform passed, but they'll have to go through bailout watchdog Elizabeth Warren to kill it. The fight over the independent agency is a showdown between the banks' interests and those of American families, Warren told supporters yesterday—and the outcome will show "whether the financial crisis actually changed something."

Banks have been firmly opposed to the creation of a CFPA because it would threaten their ability to make huge profits by selling deceptively labeled financial products, Warren says. "The CFPA is the best indicator of whether Congress will reform Wall Street or whether it will continue to give Wall Street whatever it wants," Warren tells Reuters, warning that the reform bill might as well read "Made in Wall St." if the CFPA goes.

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Showing 3 of 13 comments
IndependentThinker
Jan 20, 2010 8:11 AM CST
"The childlike liberal douchebaggers here on "NEWSER" "... I love when people call others childlike then use name calling just like a child. Your hypocrisy is amazing. BTW why put newser in quotes? Is it suddenly code for something? You may want to take an English class in high school instead of ditching your classes. I know education isn't a very conservative thing but you can do it little guy.
CaptainZ64
Jan 20, 2010 4:08 AM CST
So called tea partiers know there are regulations in place and laws to protect the consumers. The problem is they have not been enforced either under clinton bush or obama. We need enforcement not more feel good legislation.
Fondue
Jan 19, 2010 9:06 AM CST
@ WT, you are extremely naive to think corporations do not have an affect on society. You don't like government, move to Somalia.