Government Digest 12/18/09

Chamber opposes CFPA
WASHINGTON D.C. — The proposed Consumer Financial Protection Agency is in the crosshairs of the U.S. Chamber of Commerce. The chamber is putting on a full press with television ads and a new Web site dedicated to stopping the legislation that would create the new government agency.

According to information on the Web site, www.StopTheCFPA.com, “The Obama Administration has proposed, and the House is moving forward on, legislation to create a massive new government agency to regulate consumer financial products.

“This new agency ... would have unprecedented powers and authority to determine the types of financial products consumers can choose from. In fact, the bill extends far beyond traditional financial services products to a vast majority of the economy — in short creating a new regulatory overlay over the entire business community.”