Frank, Waxman square off over new consumer agency

[SpartanDem]

Democratic Reps. Henry Waxman and Barney Frank, powerful committee chairmen, are clashing over a bill that creates a consumer financial protection agency.

Waxman, chairman of the House Energy and Commerce Committee, wants the agency to be led by a five-member bipartisan commission. Frank, chairman of the House Financial Services Commission, strongly backs an agency with a single director at the helm.

Having a commission with members appointed to staggered terms would make it less likely that the agency would be led by appointees from the same party. Creating an agency with a single director could give more power to the administration in office.

The debate of the leadership structure is central to the power and scope of the new Consumer Financial Protection Agency (CFPA), which would have regulatory responsibility over home loans, credit cards, and payday loans, among other financial products. The agency is one of the central planks of President Barack Obama’s effort to overhaul the financial regulatory system.


http://thehill.com/homenews/house/65301-frank-waxman-square-off-over-consumer-agency-

[optimator]

1. what difference does it make?

5 member committee or 1, they will all be corrupt in a new pointless agency that won't have the power or intention of doing jack shit.

[Thrill]

2. Whenever there is a commision of members its easier

to buy them off.