House Panel Approves Bills To Modify Consumer Watchdog

Law360, New York (May 4, 2011, 7:07 PM EDT) -- A House subcommittee on Wednesday advanced Republican-backed legislation that would amend the structure and scale back the power of the Consumer Financial Protection Bureau, which is scheduled to launch in July.

The Subcommittee on Financial Institutions and Consumer Credit voted along party lines to approve a trio of bills that would replace the bureau's independent director position with a five-member commission, make it easier for fellow regulators to overturn a bureau regulation, and delay the transfer of the watchdog's powers until a permanent director is in...
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