By Karey Wutkowski and Kevin Drawbaugh
WASHINGTON, Dec 8 (Reuters) – U.S. industry is freshening its attack on financial reform, pledging more cash to defeat a new consumer agency and raising concerns over a provision that could force secured creditors to shoulder losses.
The U.S. Chamber of Commerce on Tuesday unveiled a new radio and television advertising campaign that portrays the proposed Consumer Financial Protection Agency as a threat to small business and economic growth.
The push comes just one day before the full U.S. House of Representatives is scheduled to start debating a massive legislative package that would overhaul financial regulation.
The chamber, the nation’s largest business lobbying group, said it will spend “well more” than its original estimate of $2 million to quash plans to create the new agency.
Another controversial proposal that is part of the sweeping reform package is one that would force secured creditors to take a 20 percent loss if a large financial firm fails.