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No fast track for regulatory reform

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A vote on the Obama administration's proposal to create a Consumer Financial Protection Agency has been pushed back to the fall, with Democrats reportedly uncertain they have the votes to enact the bill and other legislation that would overhaul the nation's financial regulatory system.The House Financial Services Committee had planned to move legislation creating a new Consumer Financial Protection Agency out of the committee before Congress adjourns July 31, The Hill reported.More than a dozen industry groups have urged the committee to slow down the process, and Rep. Barney Frank, D-Mass., has agreed to postpone a markup session on the bill until after Congress returns from summer recess the week of Sept. 7, The Hill reported.Democrats aren't certain they have enough votes to support the Obama administration's planned overhaul of the financial regulatory system, which would also expand the powers of the Federal Reserve, the Wall Street Journal reported. The Obama administration has p...