Hillary Clinton Backs CFPB in Main Street-Wall Street Debate
Hillary Clinton is urging fellow Democrats to stand firm in their defense of the young federal consumer-protection agency, offering a glimpse into her broader financial industry policy expected to be unveiled shortly in her presidential campaign.
In a letter to Democratic House members released Wednesday, Mrs. Clinton expressed her opposition to Republican legislation to alter the leadership structure of the Consumer Financial Protection Bureau, as well as efforts to “defund and defang” the agency established after the financial crisis to better protect consumers in home mortgages, student loans and bank deposit accounts.
The Democratic front-runner told legislators to stand firm against Republican efforts to roll back the Dodd-Frank financial overhaul law – which created the CFPB - by attaching riders or otherwise taking advantage of the negotiations over the budget and debt ceiling. While most Democrats have opposed the Republican efforts, some have expressed support for the proposed changes.
“The Consumer Financial Protection Bureau has only one mission: protecting Americans from unfair and deceptive financial practices – and it’s succeeding,” Mrs. Clinton wrote. She said that the five-year-old agency has handled over 700,000 complaints and recovered over $11 billion in relief for more than 25 million consumers. The financial industry and Republican lawmakers see the agency as a symbol of overregulation that raises costs for companies and damps innovation.
http://blogs.wsj.com/washwire/2015/10/07/hillary-clinton-backs-cfpb-in-main-street-wall-street-debate/
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