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Snippet: Consumer financial protection powers

06 Mar.

House Financial Services Committee Chairman Barney Frank (D., Mass.) suggested on Bloomberg Television on Friday he might kill the financial regulatory overhaul moving through Congress if efforts to create new consumer financial protection powers aren’t tough enough.

Frank passed a bill through the House of Representatives in December that would create a new Consumer Financial Protection Agency to write and enforce new financial product rules. Senate lawmakers are looking to create a new consumer protection “watchdog,” likely within an existing agency. Frank has said he wouldn’t support the creation of such a watchdog within the Federal Reserve, which is what some Senators are leaning towards doing.



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