Senate GOP proposes alternate consumer plan

http://www.google.com/hostednews/ap/article/ALeqM5g7ffRdswXTlfgaQS0FCOZmrvbwcAD9FGRH801

WASHINGTON — Opening a new front in the fight over Wall Street regulations, Senate Republicans want to reduce the power of a proposed consumer protection bureau by making its rules subject to approval by a top banking regulator.

The White House was quick to object. Spokeswoman Amy Brundage called the Republican proposal "nothing more than a lobbyist-influenced defense of the status quo and an attempt to water down the consumer protections" in the bill.

"We will not accept this," she said.

The GOP plan circulating Wednesday would create a division of consumer protection within the Federal Deposit Insurance Corp. to oversee nonbank mortgage companies and write consumer regulations. The FDIC would have to sign off on those rules.

A Democratic plan backed by the Obama administration would create an independent bureau within the Federal Reserve to police lending and other customer financial service transactions. It would have a freer hand to enforce its regulations.

more at link above

Have they no soul?? Have they no concept of fairness and justice?? These people are lower than a snake's belly.

even more consumer protections away.