Bernanke sees no need for Consumer Financial Protection Agency

07/23/2009 | ClipSyndicate · · InvestmentNews (free registration)

Federal Reserve Chairman Ben Bernanke pitted himself against the Obama administration by opposing its proposal to establish the Consumer Financial Protection Agency. Bernanke said protecting consumers from risky financial products comes under the umbrella of the Fed's authority and expertise. However, he acknowledged "that the Federal Reserve did not do all it should have at certain times in the past."

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