House votes to revamp new consumer protection agency [View All]

Source: Politico

The House voted Thursday to change how the Consumer Financial Protection Bureau is managed, passing legislation to install a five-member oversight panel to run the new agency instead of a single director.

The 241-173 vote – which came on the one-year anniversary of the Dodd-Frank financial reform bill – also would make it easier to overturn regulations imposed by the bureau, which officially opened for business on Thursday.

Congressional Republicans cheered the prospect of the five-member commission, arguing that one director is too powerful and not sufficiently accountable. The GOP has also attacked the agency for leveling what they say are burdensome regulations.

The commission “is going to work on the behalf of consumers. It is not a Republican or a Democrat issue,” said freshman Rep. Sean Duffy (R-Wis.), the sponsor of the bill. “My bill gives a voice to Main Street America.”

Read more: http://www.politico.com/news/stories/0711/59624.html

---

Absolutely unbelievable how Orwellian their communications are. "Gives a voice to Main Street," give me a break! I didn't know there was a "Main Street" in the Hamptons!

New drinking game: Every time a Republican says something that is the exact opposite of the truth take a shot.

I dare you.