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Consumer Law

: CL&P Blog

Obama Administration Divided on the Consumer Financial Services Agency

By Brian Wolfman

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You knew that the proposal to establish a Consumer Financial Services Agency was backed by the Obama Administration. After all, it's the Administration's bill. You also knew (or at least suspected) that the banking and other industries would be lobbying against a new regulator. But what you may not have known is that key agency heads disagree about major aspects of the bill. For instance, Federal Deposit Insurance Corporation head Sheila Bair does not want to empower the agency to enforce new regulations. Treasury Secretary Tim Geithner attributes the disagreements to other agencies trying to protect their turf. Check out the New York Times story and the Washington Post story.

Full post as published by CL&P Blog on July 27, 2009 (boomark / email).

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