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    Frank: credit card hikes shows need for oversight
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    Rep. Jeb Hensarling, a Republican from Texas, is among the opponents. "We are dealing with a brand new huge federal agency that has the power to ban products ... Consumer financial products impact 10 to 15 percent of the economy, cause unemployment, cause credit to be restricted and cause credit to be more expensive." GOP lawmakers also lobbied hard to make sure the new agency wouldn't step on other financial regulators. Full Article at Southern California Public Radio
    We are dealing with a brand new huge federal agency that has the power to ban products ... Consumer financial products impact 10 to 15 percent of the economy, cause unemployment, cause credit to be restricted and cause credit to be more expensive.
    – Jeb Hensarling SOURCE: Southern California Public Radio 2 weeks ago
All quotes from:
Frank: credit card hikes shows need for oversight
  1. Nothing we did gave [the credit card companies] any power that they didn't already have ... So the notion that they only raised these rates because the deadline was coming doesn't hold up. They've been raising rates consistently and could have done this at any time if we hadn't passed the bill or if we ...
    Barney Frank – Barney Frank SOURCE: Southern California Public Radio 2 weeks ago
  2. to take consumer powers away from the Federal Reserve and other bank regulators [and] put them in a separate consumer financial protection agency.
    SOURCE: Southern California Public Radio 2 weeks ago
  3. People now understand the need for an ongoing supervisory power that's aimed at consumers and not as an afterthought to bank regulation
    SOURCE: Southern California Public Radio 2 weeks ago

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