Rep. Royce Says GOP Would Allow Bank Regulators To Veto New Consumer Protection Agency

Republicans on the House Financial Services Committee have already made it quite clear that they intend to attempt to defund the newly created Consumer Financial Protection Bureau if the GOP gains control of the lower chamber. Rep. Jeb Hensarling (R-TX), one of the top Republicans on the committee, has explicitly announced his intention to defund the agency, as he believes it assaults the liberties of the consumer.

But denying the CFPB funds may not be the only way in which Republicans look to kneecap the new agency. Rep. Ed Royce (R-TX), who has been floated as a possible challenger to Rep. Spencer Bachus (R-AL) for the Financial Services chairmanship, told American Banker that he also wants to give bank regulators direct veto power over the CFPBs rulemaking:

If the Consumer Financial... [via Wonk Room]