"Big Financial Firms Losing Power on Capitol Hill"
Now, that’s a headline we like to see! It was the title of a story in this morning’s Washington Post, heading an article about the current debate over the proposed Consumer Financial Protection Agency.
Also worth applauding: the content of the article, which let us know that Rep. Melissa Bean has plans to drop her preemption amendment from CFPA legislation. This is great news for consumers across the country, as the amendment is much less likely to pass if debated on the floor.
According to the article, Bean’s decision was the result of pressure from House leaders and the Obama administration, and despite intense lobbying from the banking industry. This article also gives us a basic idea about what we can expect to see next:
In a piece of political theater, Bean now plans to introduce the amendment and then to withdraw it, according to people familiar with the matter. She then plans to engage in a scripted conversation with Frank, in which both are to affirm the importance of further discussions about the issue. Bean can then reintroduce the amendment once the bill comes before the full House, but lobbyists on both sides say they regard the battle as over.
If that’s true, it’s a huge point in favor of consumers and states’ rights. To read recent blog posts about preemption and the CFPA, click here.