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October 14, 2009

Debate begins on consumer agency, opposition fierce

The House Financial Services Committee began debate today over the Obama-backed Consumer Financial Protection Agency that is opposed by the U.S. Chamber of Commerce and major bank associations. Votes may occur as early as Thursday. Meanwhile, state attorneys general joined advocates around the country in supporting the bill's central reform-- making federal law a floor not ceiling of protection. In Illinois, Attorney General Lisa Madigan, who also met with president Obama Friday, held a news conference (her release and a WGN video) urging Rep. Melissa Bean (D-IL) to drop her gutting amendment that would retain the preemption regime currently in place. Madigan's letter to Bean. Also, Ohio Attorney General Richard Cordray joined Ohio PIRG (story) to urge his delegation to support stronger state laws. Iowa Attorney General Tom Miller also weighed in. The National Governors Association led by California Republican Arnold Schwarzenegger and New Jersey Democrat Jon Corzine also weighed in on behalf of the states.

Posted by Ed Mierzwinski at October 14, 2009 06:58 PM


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