White House plan gives consumer-protection agency broad powers

07/1/2009 | Washington Post, The · NYTimes.com · Wall Street Journal, The

The Treasury released draft legislation that would create the Consumer Financial Protection Agency, which would have broad powers to write and enforce rules related to a range of financial products, including mortgages and credit cards. "This agency will have only one mission: to protect consumers," said Treasury Secretary Timothy Geithner. The financial-services industry is expected to oppose the measure as stifling to innovation.

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Washington Post, The · NYTimes.com · Wall Street Journal, The

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