Financial Watchdog Braces for Election
A government watchdog that gives consumers a voice in the financial industry may find its life cut short this November, depending on who wins the presidential election. The Consumer Financial Protection Bureau, or CFPB, has been in the crosshairs of Republicans since it was created a little more than a year ago, and it could disappear if Mitt Romney, the Republican nominee for president, is elected.
“If President (Barack) Obama is re-elected, the CFPB will be validated and reinvigorated,” says Bill Bartmann, co-founder of debt-collection company CFS II. “If Romney wins and the Republicans keep the House and take the Senate, they likely would neuter the CFPB.”
Read more: http://www.foxbusiness.com/personal-finance/2012/10/12/financial-watchdog-braces-for-election/