House Panel Approves Creation of Consumer Financial Protection Agency

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Thursday, October 22, 2009 at 12:15 pm

The House Financial Services Committee this morning passed legislation to create a new agency designed to protect consumers from tricks and traps in the banking and mortgage industries. Supporters say the agency is vital to prevent a finance collapse like the one that devastated the global economy in the past two years.

The partisan vote — 39 to 29 — comes a week after the same panel passed a bill to rein in the enigmatic derivatives market.

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House Panel Approves Creation of Consumer Financial Protection Agency
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