On October 22, 2010, the US House Financial Services Committee voted 39-29 to approve the Consumer Financial Protection Agency Act of 2009 creating the Consumer Financial Protection Agency (CFPA), aimed at regulating . The CFPA was proposed by President Barack Obama in June 2009 as part of broader financial regulatory reform. Although the legislation was initially delayed at the request of the financial industry, the US House of Representatives later approved the reforms in December 2009. The Senate passed their respective version of the bill on July 2010 and the combined legislation was titled the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Learn more about the legal controversy surrounding financial reform from the JURIST news archive.