Christopher Dodd, chairman of the U.S. Senate banking committee, is considering abandoning the idea of establishing the Consumer Financial Protection Agency, sources said. Mr. Dodd reportedly discussed dropping the plan as a way to gain bipartisan support for the broader legislation to overhaul financial regulation. The financial-services industry favors another way. "The most effective solution to strengthen consumer protection is to keep the regulation of the bank and the products it sells within the same regulator," said Scott Talbott, senior vice president of government affairs at The Financial Services Roundtable.
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