The four sticking points
April 29, 2010 | federal legislation, industry | Comments (0)Summed up by the Christian Science Monitor: Here’s the one we care about:
Consumer protection. Republicans say they’re wary of over-regulating an industry that has brought ATMs and money-market funds, not just a boom in toxic mortgage products. Mr. Obama is among Democrats arguing that more oversight of consumer protection will help industry competition rather than harm it.
Democrats are backing the idea of a new agency, rather than having the Federal Reserve wear multiple hats – keeping tabs on both the financial health of banks and issues like truth in advertising for consumers. Republicans may try to limit the powers of the new agency.
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