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Frank Shuts Down Debate On Legislation That Represents The Largest Expansion Of Financial Regulation

WASHINGTON, Oct 22 -

- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, objected to the decision by Chairman Barney Frank (D-MA) to shut down debate on H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency:

"I am disappointed the Chairman ended debate on this legislation before all of the amendments had been considered.  Republican amendments reflected our fundamental disagreement over how best to protect consumers of financial products and services, and were a serious attempt to improve what is a very flawed piece of legislation.

"This legislation to create a Consumer Financial Protection Agency represents the largest expansion of financial services regulation since 1933.  It deserved ample time for Members on both sides to consider impacts and alternatives.  The American people expect that much from us. It is unfortunate that Chairman Frank prematurely ended debate on something this important."