House Committee to Vote on CFPA Tomorrow
We’ve written a lot about the Consumer Financial Protection Agency, and it looks like the House Committee on Financial Services will finally vote on it tomorrow. Contact your Representatives here and ask them to support HR 3126, and to oppose weakening amendments like Rep. Melissa Bean’s.
The goal of Rep. Bean’s amendment is to prevent states from creating strong consumer protections for their residents. It’s clear that states should be allowed to enhance consumer protections if they so choose, but Rep. Bean somehow missed the memo. Public Citizen points out that her campaign contributions might have something to do with this:
Two-thirds of Bean’s campaign cash for the 2010 cycle – $438,337 of $668,677 – comes from lobbyists and lobbyist-connected PACs. Forty-two percent – $269,800 of $668,677 – of Bean’s cash comes from the finance, insurance and real estate (FIRE) industries. The data also show that two-thirds of Bean’s campaign money comes from political action committees (PACs) and that 53 percent of her PAC money is from FIRE industries.
For more information, see this post by Progress Illinois.