Dodd and Corker may sidestep gridlock, give consumer power to Fed

[ProSense]

Dodd and Corker may sidestep gridlock, give consumer power to Fed

By Silla Brush

Sens. Chris Dodd (D-Conn.) and Bob Corker (R-Tenn.) are in talks about creating a new consumer financial protection office in the Federal Reserve to attempt to overcome the partisan gridlock that is holding up a wide-ranging financial overhaul plan.

<...>

"Dodd is keeping members informed on how things are progressing. We do not have an agreement yet. He hopes to have a consensus bill in the coming days," said Kirstin Brost, spokeswoman for Dodd, chairman of the Senate Banking Committee.

<...>

President Barack Obama proposed a standalone Consumer Financial Protection Agency (CFPA) to regulate home loans and credit cards, but Republicans and some centrist Democrats have been opposed to the proposal. The House passed legislation in December in support of a standalone CFPA, but action in the Senate has been bogged down since the middle of last year.

<...>

Consumer advocacy organizations have been pressing lawmakers to craft a strong independent consumer agency. They opposed an earlier proposal to create a consumer protection bureau at the Treasury Department.

more

Yesterday the media declared the consumer agency dead, today it's still being negotiated.

[Sebastian Doyle]

1. Horrible idea

The "federal" reserve regulating the corrupt banking system is like the Catholic church regulating pedophiles.