The House today killed an amendment that would have killed the proposed Consumer Financial Protection Agency.

By a vote of 223-208, the House defeated an amendment to regulatory restructuring legislation by Rep. Walt Minnick (D-Idaho) that would have replaced the agency with a 12-member council of existing regulators staffed by the Treasury Department.

Minnick said the CFPA would be a recipe for "conflict, inaction, failure and frustration" because it would separate consumer regulation from safety and soundness regulation.

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Regulatory & Compliance