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Federal Reserve could get powers Federal Reserve advisers don't think it should get

The advisory council that watches the Federal Reserve's consumer-protection activities weighed in with a depressing message today: “We think it would be imprudent to give the Federal Reserve or any other existing agency primary consumer protection responsibilities. No agency, including the Federal Reserve, has a strong record in this regard.”

But Chris Dodd's draft financial regulation plan puts the consumer protection agency in the Federal Reserve anyway, and his proposal doesn't have any Republicans to show for the concession. In fact, we've got the odd spectacle of Sen. Bob Corker (R-Tenn.) saying that "this last month" -- when Corker was negotiating with Dodd -- "has helped produce a far better product" but that Corker still won't support it. That's bipartisanship for you.

Anyway, more on the financial regulation plan once I've read it.

By Ezra Klein  |  March 15, 2010; 4:32 PM ET
Categories:  Federal Reserve , Financial Regulation  
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Comments

The bill wont pass. There will be no new regulations on financial services firms this year. You dont have the votes in the Senate now, and will be even further away after November.

The good news is the tournament is starting Thursday night though!

Posted by: zeppelin003 | March 15, 2010 4:50 PM | Report abuse

Your second link (to Dodd's plan) takes me to something indecipherable ... looks like raw code?

This happen to anyone else?

Posted by: onewing1 | March 15, 2010 5:25 PM | Report abuse

So according to Daily Kos the agency would basically sublet space from the Fed.

"Dodd said in his prepared remarks that the agency will be "strong and independent." Its chief will be appointed by the President and confirmed by the Senate, and it will have an independent budget."

Appointed by the President and with an independent budget? Not sure I care who they're renting space from if both the above are true.

Posted by: flory | March 15, 2010 7:52 PM | Report abuse

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