The Obama administration is blasting Republican talk about rolling back the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Sen. Richard Shelby, R-Ala., the highest-ranking Republican on the Senate Banking, Housing and Urban Affairs Committee said Monday at a meeting organized by Reuters that, if the Republicans get control over the Senate in November, he would like to revisit much of the act.
One section he mentioned revisiting is the provision that created the Consumer Financial Protection Bureau, an arm of the Federal Reserve Board. The bureau will have no regulatory authority over the business of insurance, but some of its offices, such as the bureau’s Office of Financial Literacy, could end up with some kind of dealings with products such as annuities.
Other Republicans also have talked about amending the Dodd-Frank Act.
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Jen Psak, the White House deputy communications director, says in a White House blog entry that Shelby wants to go back to a time when “consumers were without a voice at the table.”