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Lawmakers positive on reg reforms at CUNA breakfast
WASHINGTON (12/4/09)--Speaking at a Thursday “Power Breakfast” sponsored by the Credit Union National Association (CUNA) and the National Journal Group, Reps. Ed Perlmutter (D-Colo.) and Brad Miller (D-N.C.) expressed optimism at the prospect of House passage of pending regulatory reform legislation on derivatives, systemic risk, the Consumer Financial Protection Agency (CFPA), and other initiatives. Both legislators said that Rep. Barney Frank (D-Mass.) is “certain” that the legislation will be on the floor next week, and Miller said that he does not expect that a vote on the bills will be delayed by any other matters. A vote is expected on Thursday. House members are expected to be given a chance to amend any of the bills before they are voted on. Miller, who is a member of North Carolina-based State Employee’s Credit Union, said that legislation to exclude credit unions with $10 billion or less in assets from the examination and supervision authority of the proposed CFPA would be offered as a managers’ amendment. The Federal Reserve’s role will likely change somewhat as a result of these regulatory reforms, especially the creation of the CFPA, and Miller said that there is also strong support in the House for Rep. Ron Paul’s (R-Tex.) amendment that would seek a Government Accountability Office audit of the Fed. Fellow “Power Breakfast” guest Perlmutter said that the balance of the regulatory reform package is so important that he would still ask his colleagues to support the legislation, even if the proposed CFPA is removed. Addressing the potential political impact of the ongoing regulatory reform work, Miller said that if Democrats cannot make the case to the American middle class that Republican opposition credit card and overdraft fee legislation is not in the best interest of the people, then they “really aren’t very good” at their job.


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