Senate rejects GOP effort to weaken proposed consumer agency

Source: kanascity.com

With a strong push from the White House, the Senate on Thursday rejected 61-38 a Republican-led effort to dilute strong new protections for consumers who face problems with mortgages and other forms of credit.

The bill to overhaul U.S. financial regulation, written largely by Democrats, would create a new consumer finance protection agency. Republicans argued that the agency would have broad, dangerous power to dictate how small businesses operate.

"This is a massive new grant of authority that should give every American pause," contended Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee.

President Barack Obama argued otherwise, however, saying in a statement that the GOP effort would "gut consumer protections and is worse than the status quo."





Read more: http://www.kansascity.com/2010/05/06/1929537/senate-rejects-gop-effort-to-weaken.html#ixzz0nCAuEdHn

"should give every American pause," contended Sen. Richard Shelby of Alabama"

The only thing that gives me continual "pause", is how you and your creepy GOP ilk,
try to do everything in your power to bring down about 99% of Americans.

If you can help make the crooked and rich, richer...by GOD, you and your bunch are there.

smile, smirk and laugh at the smallest guys for even trying.

We should name the two parties something different, maybe, Corporationwhores and Corporationwhoreslight.

Wudda you think?