The House Energy and Commerce Committee amended a bill Thursday to create a consumer financial protection regulator, proposing a five-person commission to lead the new agency.
The committee approved the bill by a vote of 33 to 19, but the amendment — proposed by Chairman Henry Waxman, D-Calif. — prompted an objection from Rep. Barney Frank, the original bill's author.
The Massachusetts Democrat's version, which his Financial Services Committee approved last week, would create a Consumer Protection Financial Agency led by one person.
"Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection," said Frank.
But the amendment was offered as many observers question whether placing the agency's leadership in one person would give that leader too much power.