Thursday
Oct292009
House Panel Approves Bill Creating Consumer Protection Commission
By Travis Martinez - University of New Mexico/Talk Radio News Service
The House Committee on Energy and Commerce voted 33-19 on Thursday to pass H.R. 3126, otherwise known as the Consumer Financial Protection Agency Act of 2009. The legislation would oversee mortgages and other financial products and would strengthen the Federal Trade Commission's role in the financial industry.
Lawmakers on the House Energy and Commerce Committee voted to make two major changes to the bill. The first amendment, offered by Chairman Henry Waxman (D-Calif.), would first rename the agency, as written in the mark, as a new government commission. The amendment also provided a restructured panel of five members to the commission, with a limit of three commissioners from any particular political party. This would give the commission the same structure as the Federal Trade Commission, or Federal Communications Commission.
Several businesses, either in full or in part, would be exempt from the legislation. This list includes auto dealers, credit, mortgage and title insurers, banks with less than $10 billion in assets, and credit unions with less than $1.5 billion in assets.
Waxman acknowledged the long list of exemptions as a possible problem, but said that he would wait to address any issues he had.
"I am concerned that too many exemptions and exclusions were put into the bill... I will want to examine them closely as we move toward consideration on the floor," said Waxman.
Rep. Joe Barton (R-Texas) offered numerous amendments that were subsequently shot down after discussion with the panel. However, in a show of bipartisanship, Waxman offered to work with Barton on re-wording the offered amendments so that they could be possibly brought to the floor at a later date for full consideration.
Waxman recognized the original bill's sponsor, House Financial Services Committee Chair Rep. Barney Frank (D-Mass.) for his committee’s work on promoting the expanded authority of the FTC over the financial sector.
“I am pleased that he made many essential changes, particularly in regard to the impact of the FTC, which will preserve the FTC’s authority to provide and aggressively enforce against financial fraud,” said Waxman.
The House Committee on Energy and Commerce voted 33-19 on Thursday to pass H.R. 3126, otherwise known as the Consumer Financial Protection Agency Act of 2009. The legislation would oversee mortgages and other financial products and would strengthen the Federal Trade Commission's role in the financial industry.
Lawmakers on the House Energy and Commerce Committee voted to make two major changes to the bill. The first amendment, offered by Chairman Henry Waxman (D-Calif.), would first rename the agency, as written in the mark, as a new government commission. The amendment also provided a restructured panel of five members to the commission, with a limit of three commissioners from any particular political party. This would give the commission the same structure as the Federal Trade Commission, or Federal Communications Commission.
Several businesses, either in full or in part, would be exempt from the legislation. This list includes auto dealers, credit, mortgage and title insurers, banks with less than $10 billion in assets, and credit unions with less than $1.5 billion in assets.
Waxman acknowledged the long list of exemptions as a possible problem, but said that he would wait to address any issues he had.
"I am concerned that too many exemptions and exclusions were put into the bill... I will want to examine them closely as we move toward consideration on the floor," said Waxman.
Rep. Joe Barton (R-Texas) offered numerous amendments that were subsequently shot down after discussion with the panel. However, in a show of bipartisanship, Waxman offered to work with Barton on re-wording the offered amendments so that they could be possibly brought to the floor at a later date for full consideration.
Waxman recognized the original bill's sponsor, House Financial Services Committee Chair Rep. Barney Frank (D-Mass.) for his committee’s work on promoting the expanded authority of the FTC over the financial sector.
“I am pleased that he made many essential changes, particularly in regard to the impact of the FTC, which will preserve the FTC’s authority to provide and aggressively enforce against financial fraud,” said Waxman.
Republicans Boycott Climate Change Markup
Republican Senators on the Environment and Public Works Committee Tuesday are boycotting the first session of the committee’s markup of the Clean Energy Jobs and American Power Act, or Kerry-Boxer bill, in an effort to urge the committee to submit the legislation to the Environmental Protection Agency for economic analysis.
Democrats on the committee expressed their displeasure with the absence of the Republican members, with Sen. Frank Lautenberg (D-NJ) dubbing the missing Republican members as being “AWOL."
"Frankly, I’m shocked these Republicans have evaded this markup,” Lautenberg said.
The only Republican Senator who appeared with the committee was Sen. George Voinovich (R-Ohio). The Senator spoke as a "mock spokesman," as Sen. Bernie Sanders (I-VT) put it, explaining that he, along with his Republican colleagues, are ready to work with the committee and the EPA in a bipartisan fashion under proper circumstances.
“As the leader of this committee, I hope you will make the right decision, for the sake of my constituents, for the sake of bipartisanship and for the future of this country,” Voinovich told Chairwoman Barbara Boxer (D-Calif.).
Voinovich stressed the importance of putting the bill through a full economic evaluation with the EPA before the markup process continues.
“While I believe that S.1733 will likely move forward with policies that I oppose, I can’t imagine why we would move ahead without the best information possible from the agency that will be charged with implementing the legislation,” said Voinovich.
At the close of Voinovich’s remarks, in a sign of bipartisanship, Voinovich shook hands with Chairman Barbara Boxer (D-Calif.) and offered to work with the majority party through the markup process.
Boxer reiterated throughout the markup that Republicans will be more than welcome to join the committee later today and through the rest of the process.
"The door will be open, and I encourage the Republican members to join us at work to get the job done," said Boxer
The committee will stop the markup at 2:30 to allow testimony to be heard from EPA officials.