June 22nd, 2010
12:12 PM ET
8 years ago

Congress nears deal on consumer protections

Washington (CNNMoney.com) - Lawmakers on Tuesday will consider a deal that would house a powerful new consumer finance regulator inside the Fed.

The Senate and the House passed different versions of Wall Street reform legislation, and last week 43 lawmakers started melding the two bills together.

Lawmakers start meeting at 12 p.m. ET on Tuesday to consider consumer protection issues, as well as how to monitor risk in the financial system and how to fund a new process for taking down failing financial firms.

The reforms aim to strengthen consumer protection, shine a light on complex financial products and create a new process for taking down giant, failing financial firms.

Full story

Filed under: CNNMoney.com • Financial Reform
soundoff (20 Responses)
  1. Victim of GOP Taliban

    Repeal the de-regulations Republican Sen. Gramm got paid by the lobbyists to force down our throats. Bill Clinton was of course complicit and did nothing to stop it.

    June 22, 2010 12:22 pm at 12:22 pm |
  2. Wall Street reform legislation

    short of completely demantling Wall Street and starting over from scratch, I think any rememdy will be a complete failure

    way too corrupt and bloated

    June 22, 2010 12:22 pm at 12:22 pm |
  3. J Russ

    .....beacuse we're all too stupid to take care of ourselves........help me Barry, please help me

    June 22, 2010 12:34 pm at 12:34 pm |
  4. Dano

    Protections...for the consumer??? Now whose radical socialist idea was that?

    June 22, 2010 12:50 pm at 12:50 pm |
  5. Eric

    Hasn't the government done enough damage these past two years?

    I think it's time these people go on a four or five year vacation.

    Image how much money we'd save without congress in session full time? The Texas legislature meets for a very brief session every two years... the less they are in session, the less damage they can do.

    June 22, 2010 12:51 pm at 12:51 pm |
  6. Marcus

    So its the end for the 'Too Big to Fail' irresponsability?

    June 22, 2010 12:54 pm at 12:54 pm |
  7. sonny chapman

    THE END IS NEAR ! The Free Market System is infallible & must NEVER be subject to Govt. Regulation.

    June 22, 2010 12:55 pm at 12:55 pm |
  8. SLM

    Hopefully this is better than their disasterous credit card regulations...you know the ones that caused interest rates to sky rocket.

    June 22, 2010 12:56 pm at 12:56 pm |
  9. Vigla

    You see? Things Republicans would never even dream of enacting are actually getting passed. Things are actually happening and changing for the better. Status quo Republicans should be left in the political wilderness. All we'll get out f them are apologies to the likes of BP and the banks...instead of us for destroying our country.

    June 22, 2010 01:07 pm at 1:07 pm |
  10. Liz the First

    Let's see if this passes over objections from the republicans, who don't want to protect consumers. they want to protect the financial firms FROM the consumers. hope everyone remembers that when they step into a voting booth in November!!!

    June 22, 2010 01:11 pm at 1:11 pm |
  11. Jayson

    Oh boy, just what we need more people who don't answer to Congress or the American people.

    June 22, 2010 01:11 pm at 1:11 pm |
  12. Barack.Hussein.Obama-America's-Benevolent-DICTATOR

    "The reforms aim to strengthen consumer protection,"

    You mean like protect all the people that obtained
    fraudulent mortgages they couldn't afford?

    "shine a light on complex financial products"

    You mean like the complex sweetheart mortgage
    deal DemocRAT Sen. Dodd got from Countrywide?

    "and create a new process for taking down giant, failing financial firms."

    You mean instead of just taking them over like
    Vladimir Obama did? He didn't need any laws!

    June 22, 2010 01:20 pm at 1:20 pm |
  13. Sniffit

    "Very mature RNC, but you still haven't said a word about what you would do to improve ANYTHING."

    Actually, that's dead wrong. They have said what they would do. They would do NOTHING. They have suggested supporting the status quo via the "free market" laissez faire trickle-down daydream economic lie. You know...the "free market" is magic and regulates and fixes itself blah blah blah Ayn Rand and Ronny Reagan's illegitimate love child yadda yadda greed is good. You see, that certainly will improve things. What you have to ask yourself is FOR WHOM?

    June 22, 2010 01:29 pm at 1:29 pm |
  14. aproudmemberoftheunpatrioticmob

    Everytime this corrupt, inept Congress protects me it cost me more out of my pocket. Go home, or cut off the air conditioning in the capitol. Waxman could finally get that face rebuild he needs so badly.

    June 22, 2010 01:37 pm at 1:37 pm |
  15. wow

    wow, it took two years to start to consider a consumer protection bill after the meltdown?

    June 22, 2010 01:41 pm at 1:41 pm |
  16. Slick William

    They should be working on a bill to protect us from our elected officials that no longer represent the will of the people, misuse, misspend and waste our tax dollars. Anyone want to guess what the legacy commitment on Federal pensions is going to be within the next three to five years?

    June 22, 2010 01:47 pm at 1:47 pm |
  17. BB

    Why are we wasting our time working with Republicans?
    They will get their way with almost everything we are working on and then when it comes time to vote, they'll vote against what they helped put together!!!!
    Republicans work for and protect Corporations
    Democratic Party works for and protects the working man

    It's not hard to figure out!!!!!

    June 22, 2010 01:47 pm at 1:47 pm |
  18. haren

    Read the head line in Yahoo finance.
    'World's rich got richer amid '09 recession'
    and republican are still talking about TAX cut for them and corporation.

    June 22, 2010 01:57 pm at 1:57 pm |
  19. George Guadiane - Austerlitz, NY

    "Congress nears deal on consumer protections"
    How do you make a deal on consumer protection? Either you protect the consumer from predatory, deceptive, manipulative, criminal behavior or you don't...

    Or am I missing something?

    June 22, 2010 02:14 pm at 2:14 pm |
  20. thor

    If they really wanted to do us a favor the should write some legislation protecting us from OBAMA !!!

    June 22, 2010 02:21 pm at 2:21 pm |