Monday, October 5, 2009

Still Serious Disagreement Over Consumer Protection

Posted by Nick Porcell

WASHINGTON -(Dow Jones)- U.S. lawmakers are making significant progress on proposals aimed at updating the nation's finance rules, but consumer protection continues to be a serious area of contention, the head of a key U.S. House panel said Thursday.

House Financial Services Committee Chairman Barney Frank, D-Mass., said he's "puzzled" by the fact that "many of those who have been the most vociferous in their criticism of the Federal Reserve are resisting the biggest shift of power away from Fed currently on the table - and that is in the consumer area."

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