POLITICS
06/02/2011 12:54 pm ET | Updated Aug 02, 2011

Elizabeth Warren And CFPB Face Coordinated Assault From Republicans, Bank Lobby

The three chief sponsors of the CFPB bills -- Duffy, Bachus and Shelley Moore Capito -- received a total of $1.4 million from the finance, real estate and insurance sector during the 2010 election. Now they're returning the favor. The GOP Congressional assault on the CFPB is a clever way for the caucus to appeal to the Tea Party's antigovernment fervor while attracting prodigious campaign contributions from Wall Street and forcing the Obama administration to play defense on yet another critical piece of legislation. "This is a preview of coming attractions," says Congressman Barney Frank, the ranking Democrat on the Finance Committee, "and the audience is the business community and their donors."

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