A handful of Democratic lawmakers have joined Republicans in trying to cripple the Consumer Financial Protection Bureau in a bizarre display of bipartisan cooperation.
The real question is: Why?
Especially, Florida Rep. Debbie Wasserman Schultz, whom additionally functions as chairwoman regarding the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and Selection Act, which will undermine the watchdog agency’s pending efforts to rein in predatory financing.
The bill would postpone federal laws for payday loan providers by 2 yrs. It will allow states to adopt more rules that are lenient the industry.
Wasserman Schultz is accompanied by eight other Democrats in co-sponsoring the legislation alongside twice as numerous Republicans.
Weakening — and sometimes even better, shutting down — the customer Financial Protection Bureau is on top of Republicans’ to-do list considering that the agency is made as the main economic reform law passed away this year. What the law states ended up being a reaction towards the mortgage meltdown that almost plunged the planet as A great that is second despair.
Experts associated with the bureau state this has an excessive amount of energy and so it places overweight a regulatory burden on companies. Supporters counter that when monetary businesses keep their noses clean, they usually have absolutely nothing to bother about.
“The bureau works well properly since it is a company whoever job that is sole to watch out for the very best passions of consumers, ” said Emily Rusch, executive director associated with Ca Public Interest analysis Group. Continue reading Column: Lawmakers are fighting efforts to rein in predatory lending. Why?