Looks like we might actually get a stand-alone consumer protection agency within the overall financial regulatory reform package:
Banking panel's top Republican proposes consumer financial protection agencyBy Brady Dennis
Washington Post Staff Writer
Wednesday, April 7, 2010Staff members for Sen. Richard C. Shelby (Ala.), the ranking Republican on the Senate banking committee, sent a proposal to their Democratic counterparts last week that would create an independent consumer financial protection agency, according to sources familiar with the negotiations.
The offer marks a significant reversal from the position that Shelby and other Republicans have long held: that such an agency would clash with a separate set of regulators charged with overseeing the health of financial firms. The proposal includes limits on the consumer agency's authority, including a commission of regulators that could serve as a check on rules put forth by the agency, according to one source. The sources spoke on the condition of anonymity because they were not authorized to discuss the matter publicly.
It is unclear what other concessions Shelby might be seeking in return for his support of a new consumer agency, and aides to Shelby and committee Chairman Christopher J. Dodd (D-Conn.) declined to speak in detail about the ongoing discussions.
"We continue to discuss different approaches" on consumer protection, said Shelby spokesman Jonathan Graffeo. "As Senator Shelby has said, his primary concern is not the agency's form or location, but a meaningful role for safety and soundness regulators."
Shelby's proposal marks the latest in a months-long series of negotiations between lawmakers trying to arrive at a bipartisan deal. Dodd and Shelby have twice broken off talks after reaching impasses. Dodd eventually sought out another Republican partner, freshman Sen. Bob Corker (Tenn.). They hammered out some compromises, but Dodd decided to forge ahead alone before they reached a final deal.
