Sen. Dodd says no decision has been made on fate of consumer agency

01/21/2010 | MarketWatch

Senate banking committee Chairman Christopher Dodd, D-Conn., said lawmakers are making progress on the sweeping bill for financial regulatory reform. "We're talking, and obviously my hope is that in the next few weeks we'll be able to move forward and have votes in the committee," Dodd said. However, the proposed Consumer Financial Protection Agency remains a sticking point. Dodd said no decision has been made on that proposal. Meanwhile, Sen. Richard Shelby, R-Ala., voiced his opposition to creating a separate agency for protecting consumers. "We should not create a separate, free-standing agency. We should house the consumer agency in the prudential bank regulator that is for safety and soundness," Shelby said.

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