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
- added this
http://www.huffingtonpost.com/2009/10/21/gop-rep-tells-house-finan_n_...
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....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.
- 3 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. - 3 years ago
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tcmfan08
