Frank Statement on the Energy and Commerce Committee’s Manager’s Amendment to the CFPA
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding the manager’s amendment to the Consumer Financial Protection Agency Act that was adopted today by the House Energy and Commerce Committee.
“Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection.
“The director will have the benefit of an oversight board of bank regulators and consumer groups as well as a diverse advisory board to provide broader input. But that input should be provided without diminishing the capacity to act promptly and effectively which is best done by a single regulator.”