Senator Dodd Proposes Putting the Federal Reserve in Charge of Consumer Protection!

In an effort to secure Republican support for an overhaul of financial regulations, the chairman of the Senate Banking Committee on Monday proposed giving the Federal Reserve responsibility for protecting consumers from abusive and deceptive financial products.

new plan, described by an official briefed on the negotiations, was the latest iteration of an idea that has divided members of the committee, largely along party lines, and has been the major barrier in the path toward the most significant overhaul of banking rules since the Depression, a priority of the Obama administration.'

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