Newsletter September 09: Early Congress vote on consumer agency

Congressional sources say the House of Representatives’ Financial Services Committee is planning hearings and votes on the Obama reform proposals starting after the recess. One of the first items is a September vote on the bill to create a consumer agency, and despite industry lobbying during the summer recess “the momentum is still there and we will get it done”. The House will hold separate votes on each major piece of the reform legislation, in contrast to the Senate’s omnibus approach.