TEXT OF STORY
Bill Radke: And in Congress, the House starts debating a bill today that would overhaul the financial industry. Reporter Brett Neely says Congress’s approach has turned out to be tougher than many people had expected.
Brett Neely: The bill would make the financial industry pay billions into a special bailout fund. And that’s not all — it would create a new agency to protect consumers from questionable financial practices.
Lauren Weiner is with the coalition Americans for Financial Reform. She says the new agency is:
Lauren Weiner: A wonderful start towards making sure that the abusive practices that happened in the past won’t happen again to consumers.
She says public outrage over the giant federal bank bailout has spurred the House on. Its legislation also lets states set even stricter rules. Business lobbyists are worried about the number of state and federal regulators in the picture.
David Hirschmann is with the Chamber of Commerce:
David Hirschmann: We think consumers need regulators that are talking to each other, not simply more regulators.
And he says the new law will make it harder for businesses to get loans and won’t help consumers.
In Washington, I’m Brett Neely for Marketplace.
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