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Released: July 20, 2011
Consumer bureau fights to keep its fangs
Source: John Schoen, MSNBC
President Barack Obama has brought in new leadership to the consumer agency created after the 2008 financial industry meltdown, a move widely seen as an effort to remove a potential political obstacle: Elizabeth Warren. But there is no assurance that Warren's designated replacement, former Ohio Attorney General Richard Cordray, will have an easier time in Congress. "There is an army of lobbyists and lawyers right now working to water down the protections and the reforms that we passed,” Obama said Monday in nominating Cordray to head the new Consumer Financial Protection Bureau. “They've already spent tens of millions of dollars this year to try to weaken the laws that are designed to protect consumers. And they've got allies in Congress who are trying to undo the progress that we've made.”Read Full Article: Consumer bureau fights to keep its fangs
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