A handful of Democratic lawmakers have joined Republicans in payday loans in Vermont trying to cripple the Consumer Financial Protection Bureau in a bizarre display of bipartisan cooperation.
The real question is: Why?
Such as, Florida Rep. Debbie Wasserman Schultz, who additionally functions as chairwoman associated with the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and solution Act, which may undermine the watchdog agencyвЂ™s pending efforts to rein in lending that is predatory.
The bill would delay regulations that are federal payday loan providers by couple of years. It will allow states to adopt more rules that are lenient the industry.
Wasserman Schultz is accompanied by eight other Democrats in co-sponsoring the legislation alongside twice as much Republicans.
Weakening вЂ” and even better, shutting down вЂ” the buyer Financial Protection Bureau was on top of RepublicansвЂ™ to-do list considering that the agency was made as the main reform that is financial passed away this year. What the law states ended up being a reply towards the mortgage meltdown that almost plunged the entire world into a 2nd Great Depression.