GOP Rep. Tells House Finance Committee That Banks Should "Trump" Consumers
source: http://www.huffingtonpost.com/2009/10/21/gop-rep-tells-house-finan_n_328704.html
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- tcmfan08
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Over at the Wonk Room, Pat Garofalo pulls video of Representative Jeb Hansarling (R-Tex.) sitting on the House Financial Services Committee as they mark up the Consumer Financial Protection Agency legislation, basically saying that banks "ought to trump" the concerns of consumers, always.
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Link to The Wonk Room article with more details about the situation: http://wonkroom.thinkprogress.org/2009/10/20/hensarling-trumps-consumers/
Excerpt:
Today, during markup of legislation before the House Financial Services Committee that would create a Consumer Financial Protection Agency (CFPA), Republicans proposed an amendment that would give all of the other federal bank regulators — including the Federal Reserve or the Comptroller of the Currency — the ability to veto CFPA rules that threatened the “safety and soundness” of financial institutions.
Rep. Jeb Hensarling (R-TX) explained that he supported the amendment because the health of a financial institution “ought to trump” concerns regarding consumers, all of the time
...More...
Link to The Wonk Room article with more details about the situation: http://wonkroom.thinkprogress.org/2009/10/20/hensarling-trumps-consumers/
Excerpt:
Today, during markup of legislation before the House Financial Services Committee that would create a Consumer Financial Protection Agency (CFPA), Republicans proposed an amendment that would give all of the other federal bank regulators — including the Federal Reserve or the Comptroller of the Currency — the ability to veto CFPA rules that threatened the “safety and soundness” of financial institutions.
Rep. Jeb Hensarling (R-TX) explained that he supported the amendment because the health of a financial institution “ought to trump” concerns regarding consumers, all of the time
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HowdyDo
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Actually, what he said was, "taxpayer protections ought to trump the ability to ban financial products." I'm confused.
- 2 years ago
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HowdyDo
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tcmfan08
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HowdyDo:
sorry...updated the post with a bit more background information
Today, during markup of legislation before the House Financial Services Committee that would create a Consumer Financial Protection Agency (CFPA), Republicans proposed an amendment that would give all of the other federal bank regulators — including the Federal Reserve or the Comptroller of the Currency — the ability to veto CFPA rules that threatened the “safety and soundness” of financial institutions. - 2 years ago
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tcmfan08
