US House Floor Debate on Consumer Agency Delayed

AFR’s Press Conference with small business owners and Representative Keith Ellison was covered in this article on  Here’s an excerpt:

WASHINGTON (MNI) – While the House vote on the creation of the Consumer Financial Protection was delayed Wednesday, supporters and opponents kept up their battle.

Two small businesses and the Vice President of the National Association of Small Business owners, Margot Dorfman, told reporters that they need such an agency.

Democratic member of the Financial Services Committee Keith Ellison said he wants legislation that will have clear rules and relieve consumer fears.

Ellison also quoted Warren, saying “If somebody told you, ‘hey, you can buy this toaster but it will only burn your house down one out of every four times’ or ‘what if this mortgage will destroy your financial life'” the consumer would be inclined to balk.

Ellison said he thinks many mortgages were financial pitfalls. He advocated a strong CFPA that will focus primarily on the interest of the consumers. Ellison told reporters that there is no difference between consumers and small businesses. “One moment you are a small business, then the next moment you go to get some credit you are a consumer.”

Ben Collins, who identified himself as a small business owner who lives and works in Charlotte, N.C., came to the news conference to discuss how Bank of America cut his company credit line causing payroll complications.