Press Updates on the Wall Street Reform and Consumer Protection Act

ifs_WallStreetLate on December 8, House leaders struck a deal with moderate Democrats to move forward on debating H.R. 4173, the Wall Street Reform and Consumer Protection Act.

They also determined which amendments will be deemed in order.  Here are updates on some of the amendments AFR has been tracking.

Politico reports on the Walt Minnick (D-Idaho) amendment which would kill the Consumer financial Protection Agency:

The parties also reached agreement on allowing several other amendments, including one from Rep. Walt Minnick (D-Idaho) that would scrap the stand-alone consumer financial protection agency in favor of a council of existing regulators. The Minnick amendment was deemed in order by the Rules Committee later Wednesday night.

Frank said he thinks the Minnick amendment will be defeated, and New Democrats aren’t expected to support it. But they did fight for it to be ruled in order as a matter of fairness, aides said.

Bloomberg (via Business Week) reports on the status of Melissa Bean’s (D-Illinois) amendment which would prevent states from acting to protect their residents from financially abusive products and practices:

Leaders in the U.S. House reached an agreement on whether to let federal rules override state consumer protection laws, ending a disagreement that delayed debate on legislation to overhaul financial-industry rules.

“There will be an amendment in order dealing with pre- emption, different than some of the original ones,” House Financial Services Committee Chairman Barney Frank told reporters today after a meeting in House Speaker Nancy Pelosi’s office. “The differences have been narrowed and I think you’re getting something that both sides can live with.”

Read AFR’s letter regarding H.R. 4173 and amendments.