House Passes GOP-Backed Changes To Consumer Agency

Law360, New York (July 22, 2011, 6:48 PM EDT) -- The U.S. House of Representatives passed Republican-backed legislation Thursday that would replace the Consumer Financial Protection Bureau's director with a five-member commission and make it easier for other regulators to overturn the bureau's rules.

The bill and its amendments passed by a vote of 241-173, with 10 Democrats joining 231 Republicans in supporting it. One Republican joined 172 Democrats in voting against the bill, while 11 Democrats and seven Republicans didn't vote.

"I am a strong advocate for consumer protection — that's why my bill does...
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