Key House Committee Votes to Create Consumer Agency

Lets hope it doesn't end up being another SEC. Which did nothing to prevent the fraud on Wall St. that gives us the likes of Bernie Madoff.

in reference to:

"A key House panel voted Thursday to create a new federal agency to police financial products offered to U.S. consumers, advancing a key part of the White House's proposed overhaul of financial rules.
The House Financial Services Committee voted 39 to 29 to create the Consumer Financial Protection Agency, which would have broad reach to examine and punish companies ranging from one-room payday loan stores to huge banks like Bank of America Corp.
Lawmakers made several significant changes to the White House's original proposal during a week of debate, particularly in response to intense lobbying from business groups. For example, they voted overwhelmingly to exempt automobile dealerships from any scrutiny by the new agency, a major win for dealerships that rake in high fees from auto financing. That change may not make it into any final version of the legislation."
- Key House Committee Votes to Create Consumer Agency - WSJ.com (view on Google Sidewiki)