WRAPUP 2-U.S. House agrees to put consumer watchdog in Fed

[kpete]

Source: Reuters

WRAPUP 2-U.S. House agrees to put consumer watchdog in Fed
Mon Jun 21, 2010 5:32pm EDT

-0.31-0.79%
12:00pm PDT


By Kevin Drawbaugh

WASHINGTON, June 21 (Reuters) - The Federal Reserve, criticized for failing to protect consumers in the run-up to the credit crisis, would be the home of a new financial consumer watchdog under an agreement announced on Monday.

U.S. House of Representatives Democrats said they will go along with a plan to put the watchdog inside the Fed as an independent unit operating within the central bank.

The watchdog would have substantial budget, staffing and rule-making power, but its rules could be overridden in some cases by a new inter-agency council of regulators.

In backing away from their earlier support for setting up a powerful stand-alone agency, House Democrats resolved a lingering dispute with the Senate and moved lawmakers closer to completing historic Wall Street reform legislation.

Read more: http://www.reuters.com/article/idUSN2125049220100621

[aquart]

1. Well, how useless a waste of money is this going to be?

Anyone who puts money in this fake-reformed market is an idiot.

[msongs]

2. democrats = aim low and settle for even less. revoke their pensions nt

[Dawson Leery]

3. I would be for cutting congressional pensions.

[TomCADem]

4. The Question Is Whether The House Will Agree To The Senate's Stronger Language On Derivatives...

...The House already removed Al Franken's amendments, so you can't assume that the House bill is the stronger one.