Dems Push For Federal Financial Products Watchdog

Law360, New York (March 10, 2009, 12:00 AM EDT) -- A group of Democratic lawmakers introduced legislation Tuesday to create a Financial Products Safety Commission that would regulate consumer financial products like mortgages and provide advice on retirement accounts and credit cards.

The explosion in predatory and deceptive practices in the mortgage market, particularly in the subprime mortgage market, was one of the major catalysts for the global financial meltdown and the companion recession, the lawmakers said.

The legislation, introduced in the Senate by Sen. Dick Durbin of Illinois, would streamline oversight of consumer financial products...
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