Free Republic

Incumbents are more entrenched than ever. More Americans approve of polygamy than of Congress. A February CBS News/New York Times poll found just 10 percent of respondents approved of Congress’s job performance. A recent poll from the same source found 11 percent of respondents thought polygamy “morally acceptable.” Other polls have found that the “U.S. going communist” has 11 percent support—meaning that concept has more fans than Congress has... --snip-- A week after its Ohio victory, CFPA fell short in its efforts to knock off House Financial Services Committee Chairman Spencer Bachus, the subject of a federal probe into alleged...

Visualize Regulation Natalia Angulo, March 11, 2010 Do consumers need a new regulatory agency to protect them in the financial marketplace? George Mason Professor of Law, Todd Zywicki, spoke to an initially sanguine audience at the Blogger’s Briefing Tuesday on his glum fiscal findings. Upon hearing about the government’s current attempt, and epic failure, to revitalize the American economy the tone of the room was noticeably more disconcerted. Zywicki explained that the original proposal for a Consumer Financial Protection Agency was disastrous because it expanded government, increased spending, and was actually out of sync with consumer needs. While the current...

Setting the Rules of the Road Posted by Macon Phillips Outdated rules regulating the financial sector have affected millions of Americans and contributed to the nation's worst financial crisis since the Great Depression. This afternoon, the President will talk about changes and protections put forward in proposed financial regulatory reform legislation and urge Congress to act quickly and pass an effective and comprehensive package by the end of the year. Tune in to WhiteHouse.gov/live at 2pm eastern to watch and discuss the event. One of the most significant pieces of this effort is the establishment of the Consumer Financial Protection...

As if hyperactive Washington politicians haven't already grabbed enough power by taking over banks and car companies and trying to control everybody's health care, now they are getting closer to centralized bureaucratic control of the entire consumer credit market. Pending legislation to create a superpowerful Consumer Financial Protection Agency (CFPA) would take an ax to financial freedom and significantly increase consumer costs. That's not what most people would call "protection." The bill already has made it through the House Financial Services Committee, chaired by Rep. Barney Frank, Massachusetts Democrat. It is expected to reach the House floor shortly after Thanksgiving....

WASHINGTON - During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted to pass an amendment offered by Rep. Maxine Waters (D-CA) that will make ACORN eligible to play a role in setting regulations for financial institutions. The Waters amendment adds to the CFPA Oversight Board 5 representatives from the fields of "consumer protection, fair lending and civil rights, representatives of depository institutions that primarily serve underserved communities, or representatives of communities that have been significantly impacted by higher-priced mortgages" to join Federal banking regulators in advising the...

Financial lobby gears up effort against Obama planBy Silla Brush Posted: 07/02/09 12:35 PM [ET] A coalition of financial services interests is in the process of organizing a major lobbying campaign against the Obama administration's plan for a Consumer Financial Protection Agency. The plans are not yet final, but among the groups and firms in the discussion are the American Financial Services Association, Financial Services Roundtable, Mortgage Bankers Association and Community Bankers Association, according to two industry sources familiar with the plans. The budget could be as high as several millions of dollars to organize grassroots opposition to the plan,...

The Obama administration’s latest financial regulatory reform proposal contains a stunning surprise hidden on page 67: “Rigorous application of the Community Reinvestment Act should be a core function of the CFPA.” The Community Reinvestment Act, or CRA, should be a core function of the CFPA or the Consumer Financial Protection Agency. Along with Fannie Mae and Freddie Mac at the very epicenter of the financial meltdown last year, the CRA is one of the vehicles used to inveigle, incent or threaten banks into lowering their lending standards to provide home loans to those who simply cannot afford them. According to...