House Dems Square Off Over CFPA Leadership

Law360, New York (October 29, 2009, 6:08 PM EDT) -- The U.S. House of Representatives Energy and Commerce Committee voted Thursday to set a five-person commission at the helm of the proposed Consumer Financial Protection Agency, putting it at odds with the single-regulator system approved by the House Financial Services Committee last week.

Rep. Henry Waxman, D-Calif., pushed through his chairman's mark of the Consumer Financial Protection Agency Act by a 33-19 vote Thursday, with help from ranking committee member Joe Baron, R-Texas.

The most contentious and noticeable departure is the structure of the CFPA itself,...
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