PRESS RELEASE
Committee Passes Legislation to Create Consumer Financial Protection Agency
October 22, 2009
Washington, DC – The House Financial Services Committee, chaired by Congressman Barney Frank, voted today to create a federal agency to protect consumers against abusive practices by financial services companies.
The vote is considered to be a victory for consumers and a blow to financial services companies and their lobbyists, which spent tens of millions of dollars lobbying against the bill.
At a press conference after the vote on the bill, Professor Elizabeth Warren, Chair of the Congressional Oversight Panel for the Troubled Assets Relief Program, praised the bill:
"I just want to say, when I first came to Washington with the idea of this agency, everyone told me: “The banks always win. Quit now, because the banks always win.” They didn’t win today. Chairman Frank has done something that is historic here... I never thought I would see this day, so I am delighted."
The bill passed the House Financial Services Committee 39-29, mostly along partisan lines.
Details of the bill can found be found here.
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