Groups Spar In House Over Consumer Watchdog Plan

Law360, New York (June 19, 2009, 12:00 AM EDT) -- Supporters of the Obama administration's proposal to create an agency tasked with protecting consumers of financial products urged Congress on Wednesday not to back away from the plan in the face of fierce opposition from banking industry advocates that argue a separate regulator is unnecessary.

At a hearing before the House Financial Services Committee, proponents of the plan said the creation of a separate agency solely focused on consumer protection and not distracted by other regulatory priorities was a key element of reform efforts.

While existing...
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