Dodd, Corker Said to Near Deal on Giving Consumer Power to Fed

Bloomberg: Senate Banking Committee Chairman Christopher Dodd and Republican Senator Sen. Bob Corker (R-TN) are nearing a deal to create a consumer authority at the Federal Reserve, according to two Republican Senate aides.



The plan is for a division at the central bank that would be led by an administration appointee and have the authority to write rules, said one of the aides, who declined to be identified because negotiations are private.