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Wednesday
Jul202011

President Obama Threatens to Veto Bill to Change Dodd-Frank Financial Regulation

SAUL LOEB/AFP/Getty Images(WASHINGTON) -- Rep. Sean Duffy, R-Wis., has had many Real World experiences in his life, but none perhaps as vivid as being threatened with a presidential veto.

The Office of Management and Budget Wednesday issued a statement of administration policy saying that President Obama would do just that if Duffy’s legislation -- the “Consumer Financial Protection Safety and Soundness Improvement Act,” or House Resolution 1315 -- makes it to his desk.

The legislation, which the House will consider Thursday, would amend the new regulations Congress passed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010.

White House officials say they object to provisions that would delay the transfer of certain consumer financial protection responsibilities from seven other agencies to the newly-created Consumer Financial Protection Bureau; change the leadership structure of the CFPB to a five-person commission from a single director; and add additional congressional oversight provisions to the CFPB.

“The authoritarian structure of the CFPB is very troubling,” Duffy, a former Real World star, said earlier this year. “This new agency has broad, far-reaching powers and these powers are all assigned to one individual, who is a political designee.  I believe in the system of checks and balances, and I also believe that consumers deserve a financial system that is safe, sound and accountable.”

Said the statement of administration policy: “The President’s senior advisors would recommend that the President veto any bill, including H.R. 1315, that makes the Nation’s economy more vulnerable to another devastating financial crisis by undermining the core reforms included in the Dodd-Frank Act.”

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