Video- President's Weekly Address: Time for Action on Financial Reform for the Economy

Senators near deal on consumer agency

By GottaLaff

I'm surprised when anything gets done these days:

Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) is nearing a deal with Sen. Bob Corker (R.-Tenn.) to propose the creation of a consumer protection authority housed inside the Federal Reserve, according to three sources familiar with the negotiations.

This would be whatcha call a major breakthrough in negotiations.

Originally, Chris Dodd and Bob Corker wanted an independent agency, one that could write, as well as enforce, rules that would protect consumers.

This is the compromise:

The proposed regulator would be appointed by the president, with a dedicated source of funding and the power to write rules, but enforcement of those rules would remain the responsibility of banking regulators.

Rachel Maddow Show: Naomi Klein on the Bank Bailouts

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Quote of the Day

Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.

-- John McCain

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