Senate Defeats GOP Effort To Water Down CFPB

Law360, New York (May 6, 2010, 7:02 PM EDT) -- The U.S. Senate forged ahead with markup on financial regulatory reform legislation Thursday, voting to advance several amendments while blocking a Republican measure that would have significantly reduced the authority and independence of a proposed Consumer Financial Protection Bureau.

Senators voted 38-61 to defeat the CFPB alternative advanced by Sens. Richard Shelby, R-Ala., and Mitch McConnell, R-Ky, offered as part of S. 3172, the Restoring Financial Stability Act, sponsored by Senate Banking Committee chairman Chris Dodd, D-Conn.

The White House came out in strong opposition to...
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