WASHINGTON — House Democrats have fended off an effort to kill a proposed consumer agency contained in legislation to regulate Wall Street. The vote was 223-208.
WASHINGTON — House Democrats have fended off an effort to kill a proposed consumer agency contained in legislation to regulate Wall Street. The vote was 223-208. The agency is a central feature in the regulatory bill and has strong backing from the White House. Its defeat would have been a blow to Democrats and their effort to overhaul financial rules. The agency would take consumer regulation and enforcement powers now divided among several banking regulators. A bipartisan coalition had proposed keeping the consumer powers within each regulator and creating an oversight council. The U.S. Chamber of Commerce lobbied heavily to kill the agency and ran national television ads against it. Consumer groups said it was essential to the overall regulatory package. Copyright 2009 The Associated Press.
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