Consumer protection agency an urgent need: Soros

[Cali_Democrat]

http://finance.yahoo.com/news/Consumer-protection-agency-an-rb-2546756379.html?x=0&sec=topStories&pos=6&asset=&ccode=

By Emily Flitter and Al Yoon

NEW YORK (Reuters) - A new consumer protection agency is an urgent need as the United States seeks better financial regulation but putting it in the Federal Reserve is unacceptable, George Soros, chairman of Soros Fund Management, said on Wednesday.

"We need a consumer protection agency, and we need it very urgently because there is political outcry about the injustice of the current situation," Soros said at a Roosevelt Institute conference in New York.

Senate Banking Committee Christopher Dodd has been trying to bridge a gap with Republicans, who oppose an independent consumer protection agency, and discussed with Republican Senator Bob Corker the possibility of making the agency a division of the Federal Reserve.

U.S. Representative Barney Frank this week told Reuters he "thought it was a joke" when he learned about the Dodd-Corker idea of a consumer protection unit in the Fed.

"When Barney Frank called it a joke, I think he's right," Soros said. "This is absolutely unacceptable.

Read more at link.

[DJ13]

1. Putting it under Treasury is also a bad idea

It should be under the FDIC, an agency who's sole purpose is to protect banking customers.

[havocmom]

2. Consumer protection is a grand idea

but how do you get if from pols who are too busy legalizing every scam big business wants to engage in?