Is the door open for an independent consumer financial agency?
Are GOP opponents to an independent Consumer Financial Protection Agency showing signs that they might be backing off? Chris Frates in Politico looks at the emerging possibility:
Big banks that have been vocal opponents of the agency have decided they have the legal resources to deal with a consumer agency, whether it’s independent the way it was originally proposed by President Barack Obama, or as a part of the Federal Reserve, as envisioned in Dodd’s bill.
Public Citizen President Robert Weissman was skeptical but acknowledged that banks are aware there’s potential blowback in opposing something the public wants. He tells Politico:
“The big banks know it’s politically counterproductive for them to say they’re opposed to consumer protection so they’re relying on others to publicly carry the fight for them,” Weissman said. “On issues that can be presented as more complicated and technical, but have enormous import for their bottom lines, they’re fighting as hard against the public interest as they ever have.”