...protection.
http://thehill.com/homenews/administration/96467-obama-urges-senate-to-vote-down-gop-amendment-on-reg-reform-hints-at-veto">Obama urges Senate to vote down GOP amendment on reg reform, hints at veto - The Hill
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Obama said the Shelby-McConnell amendment "will gut consumer protections and is worse than the status quo."
"I will not allow amendments like this one written by Wall Street’s lobbyists to pass for reform," Obama said in a statement. "This amendment will significantly weaken consumer protection oversight, includes dangerous carve-outs for payday lenders, debt collectors and other financial-services operations and hurts the ability of community and local banks to compete by creating an unlevel playing field with their non-bank competitors."During floor remarks, McConnell argued the Consumer Protection Bureau that Democrats favor at the Fed would ensnare a range of businesses in federal bureaucracy.
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NOTe that had the Bush administration not stopped 50 states attorneys General from reining in predatory lenders in 2004, using consumer protection laws ... the Deregulation Disaster and the ensuing REPUBLICAN DYSTOPIA we are now struggling with, might very well have been averted. (
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x58162">Predatory Lenders Partner in Crime)