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Obama retreats on consumer protection

By Doug Thompson
February 25, 2010

(Reuters)

President Barack Obama is backing down on his demand for creation of a stand-alone consumer protection agency.

Instead, the administration is willing to consider housing a consumer regulation function inside the Treasury Department or perhaps another agency rather than create a new federal bureaucracy.

The compromise comes in an effort to break some of the stalemates that have stalled Obama’s legislative initiatives. However, the president still wants a regulator free from political pressure to protect consumers from abuses by financial institutions on mortgages, credits cards and other services.

Even with the compromise, Obama’s proposals face a tough road in both the House and Senate. Democratic and Republican leaders are reluctant to tighten control on an industry that pumps so many campaign dollars into their political war chests and both parties want to leave regulations to the same federal agencies that looked the other way as the economy headed into a nose dive three years ago.

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4 Responses to Obama retreats on consumer protection

  1. bmclellan

    February 25, 2010 at 8:41 am

    In order to retreat one has to have engaged the enemy. That is the first law of the good fight.
    This Wimp we call the President cannot even make it appear as if he is backing down because all we see of him is the Yellow streak up his back as he turns tail and runs away from the people and his sworn oath to defend them..Hack..

    • griff

      February 25, 2010 at 1:43 pm

      Every time I find myself looking back on the campaign and all the hype over Obama, I can’t help but break out in hysterical laughter. The glistening, tearful eyes when he preached his message; the countless rapturous, worshipping faces at his inauguration; the messianic fervor and blind idolatry.

      Makes me proud to be an American.

  2. woody188

    February 25, 2010 at 2:26 pm

    As if curbing abuses by financial institutions ever had a chance. We are truly on our own. Caveat emptor.

  3. b mcclellan

    February 25, 2010 at 10:11 pm

    Cave-fish, follows Caveat emptor according to Webster 17W.

    Any of various freshwater fishes of the family Amblyopsidae of subterranean waters, with rudimentary eyes.

    Am bly op sigh day, as far as fervent rudimentary blindness will take them,

    It’s just beginning to rain..

    May the Potomac barf from the outside and purge the inside..Hack