WH proposes agency to tame lenders

From: The Washington Times | June 30, 2009 

The Obama administration sent Congress legislation Tuesday to create a new federal oversight agency designed to protect consumers and investors from unscrupulous deals a plan praised by Democrats but that met with skepticism on Wall Street. The 152-page draft bill would establish the Consumer Financial Protection Agency, which administration officials say would offer greater consumer protections for such financial products as mortgages, credit cards and loans by establishing simpler and more transparent rules and regulations. “This agency will have the power to set standards so that companies compete by offering innovative products that consumers actually want and actually understand,” said …

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