Sens. Richard Shelby, R-Ala., and Bob Corker, R-Tenn., raised questions about a plan from the White House to establish the Consumer Financial Protection Agency, an indication of the battle that is expected over the proposal. "I am greatly concerned over many aspects of the president's plan, not to mention its underlying premise," Shelby said. Meanwhile, Michael Barr, assistant secretary of the Treasury, defended the proposal.

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