Congressman Al Green (TX-09) attended yesterday a meeting at the White House in which President Barack Obama pushed for the prompt creation of a Consumer Financial Protection Agency, which is a key factor of the President’s proposed financial regulatory reform.
“The creation of a Consumer Financial Protection Agency would help avoid a repetition of the current economic recession and would also safeguard consumers from some of the practices that contributed to the meltdown of the financial system,” said Congressman Green after the meeting.
President Obama said he wants Congress to pass legislation to create the agency by the end of this year and added the White House will work side by side with Congressman Barney Frank (Chairman of the House Committee on Financial Services) and Senator Chris Dodd (Chairman of the Senate Committee on Banking, Housing, and Urban Affairs) to ensure that it will be assigned with all the necessary powers and resources to conduct an effective oversight of the financial industry.
On Wednesday October 14, 2009, the House Committee on Financial Services will begin marking up the Consumer Financial Protection Agency Act of 2009. The purpose of the hearing will be to examine the composition of the agency and its regulatory authority.