A controversial amendment to gut a key part of financial overhaul legislation failed on Friday.



The House voted 223-208 against an amendment sponsored by Rep. Walt Minnick (D-Idaho) that would have scrapped the proposed Consumer Financial Protection Agency (CFPA).



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Minnick favored a council of existing regulators and found support among Republicans, some centrist Democrats and business lobbying interests.The U.S. Chamber of Commerce scored the amendment.House Financial Services Committee Chairman Barney Frank (D-Mass.) strongly opposed the amendment.The overall bill is headed for passage later on Friday.



