US Congress Passes Bill Creating Consumer Protection Agency
The Democrats have proven themselves against full force lobbying of multimillion businesses by passing a new legislation that would ensure consumer protection from abuses being committed by big companies in the US.
The creation of a new Consumer Protection Agency is expected to be implemented by the end of the year.
The United States House of Representative-Financing Service Committee has passed a resolution seeking the creation of a federal agency that would specifically handle consumer protection from abusive practices of businesses.
Democrats has won the voting decisively (39-29), giving average Americans an upper hand over abusive establishments and businesses that hike its rates without prior notifications to the board.The move was part of President Barack Obama overall plan in beefing up consumer protection from vultures at the Wall Street.
However, the new Consumer Protection Agency will still be subjected to long scrutiny procedures at the Lower House and US Senate.
According to earlier reports, the new legislation has been a target of lobbyist operating under multimillion dollar businesses that push for the eradication of the new agency. The lobbyists claimed that the new board for consumer protection would be “dangerously” broader in terms of its jurisdiction.
But Democrats proved that the American consumers are more valuable than business gains. The bill, according to some Congressmen, will be passed by the end of the year.
“The vote for consumer protection sends an important signal to the people and businesses that the government will not tolerate abusive practices they commit. Despite the full force lobbying against the said legislation, the House panel proved that the consumers are the priority of the administration,” Obama said in statement.
Meanwhile, the committee is now discussing another legislation that would impose new guidelines in the use of credit card.
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