White House Sends Consumer Financial Protection Agency Bill to Capitol Hill – Summer of K St. Cabs to Capitol Hill Part 2

The Treasury Department released this morning legislation sent to Capitol Hill for the creation of the Consumer Financial Protection Agency.  Here’s Treasury’s press release, which contains links to the bill’s text, as well as the other necessary legislation to create the new agency.

MBA readers HERE’S WHY YOU CARE:  Yesterday in The Weekly Crib Sheet we told you that although Congress is out the White House and Treasury are busy.  Last week we told you that it is the “Summer of K St. Cabs to Capitol Hill” due to the amount of work going on behind the scenes pertaining to financial regulatory reform, AND before that we told you that the House Financial Services Committee released a tentative hearing schedule for all of July.  We’ve done all of this to make one point:  Normally DC is hot, humid and sleepy in the summer, but NOT this year.  Look for wire stories on the bill’s text we’ve provided above today.  Then, look for more stories in the coming days as to 1) who wants what, and 2) any unintended consequences of legislative language.

MBA wannabes HERE’S WHY YOU CARE:  The bill’s text is long and dense, so wait for the wire story to get a summary – or better yet read the Wall Street Journal’s Damian Paletta’s summary here (a good clip to keep as the jockeying over the agency continues through the summer).  However, what we do encourage you to do is pay attention to the two points we’ve made to our MBA readers which is in the coming days you’ll see pieces in the business pages about 1) who wants what, and 2) any unintended consequences of legislative language.