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Official: Obama to propose new consumer agency
WASHINGTON (AP) - An Obama administration official says the Treasury will propose the creation of a regulatory agency to protect consumers in their credit, savings and other banking transactions.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The new agency is one of the central elements of President Barack Obama's overhaul of the financial regulatory system. The president is set to announce his broad plan on Wednesday.
The administration official described the plan on the condition of anonymity because Obama had not yet made it public.
Obama's decision to create the agency is in response to criticism that lenders and credit card companies have taken advantage of unwitting consumers and saddled them with debt.
The new agency is likely to be one of the flash points in the administration's proposal because many in the banking industry do not support it.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
