The House Financial Services Committee today approved three bills to water down the new Consumer Financial Protection Bureau before it’s fully launched.
Supporters of the legislation say it will add accountability and transparency.
What’s transparent is that the legislation, backed by the banking industry, mostly serves to weaken the new Bureau.
One bill, which passed 33-24, would eliminate the position of the director and replace the head of the Bureau with a five-member commission made up of people from both political parties. Yes, we see how well the two sides work together to help consumers now. A commission would only slow down any real reforms and provide another venue for political posturing.