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?
Such as, Florida Rep. Debbie Wasserman Schultz, whom additionally functions as chairwoman associated with the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and preference Act, which will undermine the watchdog agency’s pending efforts to rein in predatory financing.
The balance would wait regulations that are federal payday lenders by couple of years. In addition it will allow states to adopt more lenient guidelines for 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 happens to be on top of Republicans’ to-do list considering that the agency is made as area of the reform that is financial passed away this year. What the law states had been a response towards the mortgage meltdown that almost plunged the entire world right into a 2nd great despair. Continue reading “Column: Lawmakers are fighting efforts to rein in lending that is predatory. Why?”