Sen. Shelby proposes independent consumer agency, sources say

04/7/2010 | Washington Post, The

Staff members of Sen. Richard Shelby, R-Ala., sent their Democratic counterparts a proposal that would establish a stand-alone agency for consumers' financial protection, sources said. The proposal from the ranking Republican on the Senate banking committee marks a reversal from his previous position that an independent consumer agency would compete with other regulatory agencies.

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