Foes Revise Plan to Curb New Agency
By EDWARD WYATT and BEN PROTESS
NYT
WASHINGTON — After losing a contentious battle last year over creating an agency to protect consumers against deceptive financial products, Republicans are fighting the battle again, determined to rein in the independence and financing of the agency.
The Consumer Financial Protection Bureau has been one of Washington’s drawn-out passion plays, featuring bankers and finance companies that want to undermine the agency and have villainized Elizabeth Warren, the hard-edged Harvard law professor President Obama picked to start it.
Ms. Warren has characterized the fight as one in which opponents are trying to stick “a knife in the ribs of the agency.” In a recent interview, she said, “the fight has now shifted. It didn’t stop, it just moved from being a fight out in the headlines, out in the middle of the street, to a fight in the back alleys.”
But on Thursday, the fight returned to the open as 44 Senate Republicans sent a letter to Mr. Obama saying they “will not support the consideration of any nominee, regardless of party affiliation, “to direct the bureau until the agency is restructured.
(More here.)
NYT
WASHINGTON — After losing a contentious battle last year over creating an agency to protect consumers against deceptive financial products, Republicans are fighting the battle again, determined to rein in the independence and financing of the agency.
The Consumer Financial Protection Bureau has been one of Washington’s drawn-out passion plays, featuring bankers and finance companies that want to undermine the agency and have villainized Elizabeth Warren, the hard-edged Harvard law professor President Obama picked to start it.
Ms. Warren has characterized the fight as one in which opponents are trying to stick “a knife in the ribs of the agency.” In a recent interview, she said, “the fight has now shifted. It didn’t stop, it just moved from being a fight out in the headlines, out in the middle of the street, to a fight in the back alleys.”
But on Thursday, the fight returned to the open as 44 Senate Republicans sent a letter to Mr. Obama saying they “will not support the consideration of any nominee, regardless of party affiliation, “to direct the bureau until the agency is restructured.
(More here.)
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