House panel approves financial regulatory measures

10/16/2009 | · Wall Street Journal, The

Voting largely along party lines, the House Financial Services Committee approved legislation to regulate the massive over-the-counter derivatives market. However, lawmakers bowed to pressure from community bankers, exempting 98% of banks from oversight by the proposed Consumer Financial Protection Agency. "Community banks and credit unions were perhaps not without sin in the last couple of years, but they were certainly not engaged in the worst abuses," said Rep. Brad Miller, D-N.C.

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