Lobbyists prepare for overhaul debate
Lawmakers and interest groups are readying themselves for a debate of Obama's financial overhaul plan. One item under scrutiny: a new Consumer Financial Protection Agency. Tamara Keith reports.
More on Fed. Budget/Govt. Spending, America's Financial Crisis
TEXT OF STORY
Bill Radke: Treasury Secretary Tim Geithner will be on Capitol Hill today selling the president's overhaul of the financial system. President Obama announced the plan yesterday. He needs Congress on board, and reporter Tamara Keith says lawmakers and lobbyists have some ideas of their own.
Tamara Keith: Before the president even stopped talking yesterday, various interest groups released statements saying they look forward to the congressional debate over his financial regulation plan.
Wayne Abernathy: This is setting the table, now comes the meal.
Wayne Abernathy is executive vice president at the American Bankers Association. One area of the debate his industry would like to influence: President Obama's proposal for a Consumer Financial Protection Agency.
Abernathy: It could actually end up harming consumers by decreasing choice, decreasing innovation, stifling development of new products.
But Pam Banks with Consumer's Union says the new agency would protect people from unsafe and unfair financial products. And she'll be lobbying to keep the consumer protection agency in the final bill.
Pam Banks: It will be an awesome task, very similar to what we had to go through with credit card reform. I'm sure all forces will come out to oppose this proposal.
Now, take this piece of the president's plan, and start multiplying the debate.
In Washington, I'm Tamara Keith for Marketplace.
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