WASHINGTON - A federal agency to regulate home loans, credit cards, savings accounts, and other financial services won the approval of a House committee yesterday in spite of loud complaints from banks and businesses.
President Obama, who had proposed the agency to Congress, praised the 39-29 vote, which fell mostly along party lines.
This step “sends an important signal to the American people that we will not stand by and allow big financial firms and their lobbyists to mobilize against change,’’ Obama said in a statement.
The House Financial Services Committee also approved by voice vote legislation that would impose new rules for credit cards by Dec. 1, moving up the date from mid-February. Democrats said changing the date was necessary because lenders were using the grace period to hike interest rates.
The proposed Consumer Financial Protection Agency is a cornerstone to Obama’s broader plan to clamp down on Wall Street and prevent much of the reckless lending that contributed to last year’s near-collapse of the market.
But the agency also has been the administration’s toughest sell to lawmakers worried that the added regulation would strain neighborhood banks and small businesses.
Two Democrats - Travis Childers of Mississippi and Walt Minnick of Idaho - said they voted against the measure because they were afraid the bill would hurt businesses in their districts.
Representative Mike Castle of Delaware was the sole Republican who voted for it.
As …
Read the original article at Boston
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