13 May '11, 9pm

GOP Wants To Dismantle Consumer Financial Protection Bureau:

GOP Wants To Dismantle Consumer Financial Protection Bureau:

Last July, President Barack Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act into law, the most sweeping overhaul of the financial regulatory system since the Great Depression. Dodd-Frank introduces a number of reforms aimed at Wall Street. And, unsurprisingly, big banks and other financial institutions aren't very happy about it. Wall Street unleashed an army of lobbyists onto Capitol Hill in an attempt to convince congress to dismantle Dodd-Frank as much as possible, and they've found a captive audience in the GOP. This is bad news for consumers. The Dodd-Frank legislation created the Consumer Financial Protection Bureau (CFPB), the first financial regulator with the express mission of catering to consumers, not big banks and other financial institutions. When it opens in July, the CFPB will advocate on behalf of consumers against unfair and ill...

Full article: http://www.care2.com/causes/politics/blog/gop-wants-to-di...

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