Congress just stripped away many Consumer Financial protections ... [View all]

[PsychoBabble]

Excuse me ... REPUBLICANS are doing that:

A new bill aims to dismantle the powers of the Consumer Financial Protection Bureau, the independent watchdog that protects consumers and investors and has saved Americans almost $12 billion since it was created six years ago.

Supporters say the Financial CHOICE Act will undo the regulatory burdens that have harmed financial service companies and provide Congress with much-needed oversight. But consumer advocates insist the bill would eliminate the CFPB's independence and greatly reduce its ability to regulate ...

... The CHOICE Act would do more than reduce financial regulations enacted under the Obama administration. It also targets the CFPB, the regulatory agency created by Dodd-Frank to police the financial marketplace.

Among other things, the bill would:

- Strip away the agency's authority to regulate large banks and payday lenders
- Remove its power to prosecute companies that engage in unfair, deceptive or abusive acts or practices
- Eliminate independent funding from the Federal Reserve Bank and give Congress the power to set the CFPB's budget
- Allow Congress to kill any major financial rules proposed by the agency; both houses would have to give their approval within 60 days
- Stop public access to the CFPB's database of more than 1.1 million consumer complaints.

A. Follow the $$$
B. Follow the $$$

GOOD TIMES! Thanks you so much, GOP ... "May I have another, Sir?"


http://www.nbcnews.com/business/consumer/why-republicans-want-declaw-nation-s-consumer-financial-watchdog-agency-n756486