Released: October 23, 2009

House panel backs creation of Consumer Financial Protection Agency

Source: Jim Puzzanghera, Los Angeles Times (Free Registration)

A House committee voted to create a federal agency to protect consumers in the financial marketplace, but several days of often-contentious debate showed that obstacles still confront one of the centerpieces of President Obama’s overhaul of industry regulations.

Despite strong Republican opposition and intense lobbying from banks and business groups, the new Consumer Financial Protection Agency survived its first major test Thursday when the House Financial Services Committee approved its creation 39 to 29 in a largely party-line vote.

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