Is it a bipartisan success, or an unnecessary watering down of important legislation? Key Democratic and Republican senators are near a deal on financial-regulatory reform, sources tell The Wall Street Journal. Rather than create a standalone Consumer Protection Agency, as President Obama wants, the Senate deal would vest consumer-protection powers in the Federal Reserve—an institution some say has neglected consumer protection in the past. Senator Chris Dodd (D-CT), who has been spearheading the legislation, settled on the Fed after Republicans rejected both an independent agency and incorporating one into the Treasury. The Fed division would be led by a White House appointee, be able to write and enforce rules, and have a separate budget. Will Obama go along? "The president remains strongly committed to an independent agency whose singular focus is advocacy for consumers," an administration official said.
CHEAT SHEET
TOP 10 RIGHT NOW
- 1
- 2
- 4
- 5
- 7
- 8
- 9
- 10