Friday, July 1, 2011

Left vs. Right on Financial Reform

April 26, 2010 by Staff Reporter  
Filed under Business

Today the US Senate is set to vote today on a procedural vote to move the Consumer Financial Protection Act of 2009 forward. The CFPA legislation is Congress’ most current attempt to overhaul the American financial system and prevent the predatory lending and risky derivative practices from Wall Street firms from hurting taxpayers.

Support for CFPA has remained divided along party lines. Senator Gregg who sits on the Senate Banking Committee as well as subcommittees on financial institutions, securities and investments, has spoke in opposition to the bill said it was “about as far to the left as you could get.”moneybag

Congressman Hodes in his bid for Senator Gregg’s vacating seat, last week took aim at Gregg and Republicans for not supporting the Democrats version of financial reform. Hodes called for Gregg to stand up for New Hampshire families and not that of the “big banks of Wall Street”.

Sources close to NowHampshire say that Republicans, who appear to remain unified against CFPA, remain concerned that the resulting Consumer Financial Protection Agency will result in the complete takeover of credit and banking by the federal government.

NowHampshire will continue to follow post-vote developments as they happen….

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