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Huge development

January 15, 2010 | federal legislation, industry | Comments (0)

Senator Dodd is said to be considering dropping the Consumer Financial Protection Agency from regulatory reform.  From today’s Bloomberg wire:

Senate Banking Committee Chairman Christopher Dodd has indicated he may consider dropping the Consumer Financial Protection Agency from the financial regulatory overhaul bill he is drafting with members of his panel, according to people familiar with negotiations.

Dodd may agree to shelve the proposed agency, a priority for the Obama administration, and replace it with a division within another federal agency to help advance the broader bill, said the people, who declined to be identified because negotiations are ongoing. The Wall Street Journal reported the matter earlier, citing people it didn’t identify.

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