Geithner supportive of exempting some businesses from proposed financial oversight agencySeptember 23rd, 2009 Proposal would limit scope of new oversight agencyWASHINGTON — Ceding ground amid growing business opposition, the Obama administration on Wednesday signaled a willingness to exempt retailers, real estate brokers, lawyers, auto dealers, cable companies and accountants from oversight of its proposed Consumer Financial Protection Agency. Treasury Secretary Timothy Geithner told Congress that he supports a plan by Democratic Rep.
Obama administration tries to reclaim financial overhaul debate as banks push back hardSeptember 23rd, 2009 Obama tries to reclaim debate on financial reformWASHINGTON — Treasury Secretary Timothy Geithner says he supports revisions to the administration's financial reform plan that were proposed by Rep. Barney Frank.
Congress expected to reject Obama's proposed mandate that banks offer 'plain vanilla' productsSeptember 22nd, 2009 Congress wary of 'plain vanilla' bank proposalWASHINGTON — Congress is expected to reject President Barack Obama's proposed mandate that banks offer customers "plain vanilla" financial products, such as a 30-year fixed mortgage. The defeat would be a victory for the industry, which contends that such a proposal would give the government an unprecedented role in the marketplace.
Geithner urges Congress to strip Federal Reserve, other regulators of consumer protection roleJuly 25th, 2009 Geithner, Bernanke at odds on consumer protectionWASHINGTON — Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke staked out opposing sides Friday in a turf war over who should protect Americans from shady mortgage lending, abusive credit card fees, payday loans and other high-cost or risky financial products. The White House wants to create a new Consumer Financial Protection Agency to oversee a vast range of financial products, stripping the Federal Reserve and other banking regulators of their current authority for policing them.
Treasury's Geithner says he welcomes debate on financial oversight reform, defends planJuly 24th, 2009 Geithner defends financial oversight reformWASHINGTON — Treasury Secretary Timothy Geithner said Friday that a new agency focused on protecting consumers is needed because the mission currently is too scattered among various regulators. This results in "finger-pointing in place of action," he told the House Financial Services Committee.
Dispute between Treasury, Fed on consumer protection oversight goes to Capitol Hill on FridayJuly 24th, 2009 Treasury, Fed dispute on display in CongressWASHINGTON — Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke are squaring off in a public dispute over who should become the nation's top consumer watchdog. Geithner wants to strip the Fed of its consumer protection duties and create a new federal agency designated solely to such a mission.
House banking chairman supports administration's plan to create a consumer protection agencyJuly 8th, 2009 Frank backs plan for a consumer protection agencyWASHINGTON — The chairman of the House Financial Services Committee is throwing his weight behind President Barack Obama's plan to create a government agency to protect consumers from risky mortgages and credit cards, although some of his colleagues are skeptical of the details. Rep. Barney Frank, D-Mass., said in a brief interview Wednesday that he plans to introduce legislation that would establish a "Consumer Financial Protection Agency."
Frank said his proposal would mostly track with Obama's plan but make some small changes.
House Dems join Republicans in questioning Obama's plan to create consumer protection agencyJuly 8th, 2009 Democrats skeptical of consumer protection agencyWASHINGTON — President Barack Obama's plan to create a new government agency to protect consumers from risky mortgages and credit cards ran into resistance from several House Democrats on Wednesday. House lawmakers who oversee the Federal Trade Commission said they were concerned the proposal would weaken the FTC and suggested that the commission be given more resources instead.
A look at Obama's proposal to create a Consumer Financial Protection AgencyJune 30th, 2009 A look at the proposed consumer financial watchdogA look at Obama's proposal to create a Consumer Financial Protection Agency:
—The agency would oversee products used by consumers such as mortgages, credit cards, payday loans and terms on savings accounts. —The agency would be in charge of implementing a law passed by Congress this spring that protects consumers from sudden interest rate increases on unpaid credit card balances.
Obama says consumer agency will boost enforcement and make financial products understandableJune 30th, 2009 Obama: consumer agency to enforce financial rulesWASHINGTON — President Barack Obama says his new Consumer Financial Protection Agency will protect Americans from unscrupulous practices and make financial products easier to understand. The president sent Congress a 152-page bill to create the new agency, a key element in the sweeping overhaul of financial rules the administration unveiled two weeks ago.
Geithner: administration pushing ahead with consumer product agency as part of overhaul planJune 25th, 2009 Geithner: administration pushing financial reformWASHINGTON — Treasury Secretary Timothy Geithner said Thursday the administration will send legislative language to Congress in the next few days to create a consumer financial products agency, one of the key parts of its overhaul plan. Following a meeting with the president's working group on financial markets, Geithner told reporters the administration was moving quickly to get the measure through Congress and to promote better coordination among regulators.
Rep. Frank brushes aside concerns new consumer agency might run roughshod over businessesJune 24th, 2009 Frank scoffs at worries about new consumer agencyWASHINGTON — House Financial Services Chairman Barney Frank scoffed Wednesday at assertions that a new consumer protection agency would morph into "some out of control entity."
"There is no pattern of overregulation I can see in the consumer area, and I don't see one here," Frank, D-Mass., said at a hearing on the Obama administration's proposals to overhaul financial industry regulation in the wake of high-risk practices that led to the deep recession now under way. The consumer agency is envisioned as a central component of President Barack Obama's broader plan to usher in a new era of regulations on banks and other financial institutions.
Democrats at odds with industry on proposed agency to police consumer financial marketJune 24th, 2009 Democrats, industry battle on consumer protectionsWASHINGTON — Democrats are pressing the Obama administration to find a way out of the foreclosure crisis as they moved ahead with plans to create a government agency that would police the market for risky or deceptive mortgages. The agenda has the financial industry nervous that it will find itself buried in new regulations.
Consumer watchdog draws fire from banking industry, threatens old profit modelJune 19th, 2009 Summary Box: Banks seek to derail consumer agencyTHE PROPOSAL: As part of sweeping efforts to overhaul the financial system, the Obama administration wants to create a new agency to protect consumers from risky or deceptive products. THE DETAILS: The Consumer Financial Protection Agency, if approved by Congress, would have broad authority to protect consumers of credit, savings and other consumer financial products and services.
Lawmakers fear Obama's financial plan will give Federal Reserve too much powerJune 16th, 2009 Lawmakers fear turning Fed into regulatory monsterWASHINGTON — Many lawmakers fear President Barack Obama's plan to prevent another financial meltdown might end up turning the Federal Reserve into an all-powerful monster — a friction that could slow down a major overhaul of banking and market regulations. In a speech on Wednesday, Obama is expected to propose that the Fed take on a role as America's financial supercop.
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