House Financial Services Committee Chairman Barney Frank, D-Mass., reiterated his support for the creation of a Consumer Financial Protection Agency as part of broader regulatory reform measures being hashed out among members of Congress. The new, standalone agency, which the GOP and banks including JPMorgan Chase & Co., oppose, is "very important to us," Frank said. A competing proposal by Republicans is expected to put consumer protection oversight within a new bank regulator instead of creating a standalone agency for that purpose.

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