Finance

Obama to Create New Regulatory Agency

President Obama is looking out for the little guy: He will call for the creation of a Consumer Financial Protection Agency as part of his regulatory overhaul on Wednesday. The independent agency will protect consumers on matters like credit cards, with “a very clear line of accountability around products that they deem abusive of consumers, or misleading,” an administration official tells Politico. The larger plan will not create a new “super-regulator,” but will instead give more power to the Federal Reserve.