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Off with their heads!

posted by Susan Block-Lieb

Hey, Everyone!  Great to be back on CreditSlips.  

Adam blogged earlier on the politics of consumer financial protection regulation (here); I'm writing to add a quick "hear, hear!" Just a few days ago, the House passed H.R. 3193, which in its own words would "amend the Consumer Financial Protection Act of 2010 to strengthening the review authority of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection" but really it looks to gut the CFPB -- I mean -- make it more accountable to Congress. This bill is an example of legislation with no hope of legislating, enacted not to resolve some policy impasse but rather to irritate and possibly count as newsworthy somewhere (here, here, and here).

Argh. I've written elsewhere that the claim that the CFPB lacks accountability is a red herring (here and here). But I don't feel the need to revisit these arguments. Oh, wait; I just did.


Could not agree more Susan. Ray

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