The House of Representatives approved legislation that would result in sweeping changes for the financial-services industry. The bill strips the Federal Reserve of its authority to write consumer-protection laws and allows government audits of its monetary-policy decisions. The bill also establishes the Consumer Financial Protection Agency. The industry has supported many of the initiatives but raised concern about others. "Certain provisions in the legislation will undermine our shared goal of market stability and reducing systemic risk," said Timothy Ryan, president and CEO of SIFMA. Read SIFMA's news release. Read SIFMA's letter to the House.
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