Friday, January 15, 2010

Dodd May Ditch the Consumer Finance Agency

Senate Banking Committee Chairman Christopher Dodd is considering scrapping the idea of creating a Consumer Financial Protection Agency, reports WSJ.

But it is probably nothing more than a sleight of hand trick. WSJ continues:
Mr. Dodd's offer is conditional, however: Republicans must agree to create a beefed-up consumer-protection division within another federal agency...Alternatives to the agency include a new division within the Treasury that would draft consumer rules, and a consumer-protection division run by a new federal bank regulator. The head of this division could be appointed by the White House, giving it more autonomy, people familiar with the matter said.
Anything that Elizabeth Warren can be appointed to is dangerous.

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