Dennis Rehberg On Wall Street Reform
Rehberg Voted to Limit the Consumer Finance Protection Bureau’s Power. On July 21, 2011 Rehberg voted for the bill that would replace the Consumer Financial Protection Bureau’s director with a five-member commission. It also would lower the vote threshold required for the Financial Stability Oversight Council to override Consumer Financial Protection Bureau rules from two-thirds to a simple majority and allow the council to override regulations that threaten the stability of individual institutions. According to the Washington Post, the bill would “make it easier to block the new Consumer Finance Protection Bureau’s regulation of banking and other sectors of the financial-services industry. Under the bill, the Financial Stability Oversight Council in the Treasury Department could stay or veto the bureau’s proposed regulations by simple majority vote rather than the two-thirds majority now required.” [Roll Call 621, H 1315, 07/21/2011]
Scott Brown On Wall Street Reform
Brown Sought Provisions, Pushed By Banking Industry Lobbyists, to “Undercut a Central Pillar” of Wall Street Reform. While Wall Street Reform was in conference committee, Brown, other lawmakers, and banking industry lobbyists pushed for “provisions to undercut a central pillar of the legislation, known as the Volcker Rule, which would forbid banks from using their own money to make risky wagers on the market and would force them to sell off hedge funds and private equity units.” The changes would “benefit Boston-based money management giants like Fidelity Investments and State Street Corp. The biggest Wall Street firms would be helped as well.” [Boston Globe, 6/21/10]