Obama Urges Congress to Create Consumer Agency to Enforce Financial Rules

The Obama administration sent Congress legislation Tuesday to create a new Consumer Financial Protection Agency designed to protect Americans T-Trendfrom unscrupulous practices and make financial products easier to understand.

The 152-page draft bill would create a five-memberTXL board to run the agency with four members nominated by the president and confirmed by the Senate. The fifth member would be the director of the new National Bank Supervisor, the merged agency the administration is proposing to create to take over bank regulation duties.

The consumer agency is part of what would be the most V8comprehensive rewrite of the government's financial rules since the 1930s.

However, critics have charged that the administration's effort doesn't go far enough especially in the area of merging Baby Starthe government's existing overlapping system of regulating the financial industry. The administration said Tuesday that its new consumerChronoMaster protection agency would ensure that consumers were provided with simple, transparent and accurate information on financial products like credit cards and mortgages and also do a Class Openbetter job of protecting them against unscrupulous practices.

"Those ridiculous contracts with pages of fine print that Defy Classicno one can figure out -- those things will be a thing of the past," Obama said in a statement. "And enforcement will be the rule, not the exception."

Treasury Secretary Timothy Geithner said the new agency's oneNewly Added mission would be to protect consumers. He said the new agency would have "the authority and accountability to make sure that consumer protection regulations are written fairly and enforced vigorously."

The finance industry opposes the idea, arguing that the agency will stifle development of new products. However, the proposal has the backing of key lawmakers including House Financial Services Committee Chairman Barney Frank, D-Mass., and Senate Banking Committee Chairman Christopher Dodd, D-Conn.

In a statement, Dodd said the administration's proposal would Defy Xtremeaddress "the colossal failures that led to the economic crisis with a bold and aggressive plan." Addressing opponents of the proposal, Dodd said, "It is Port Royalunbelievable that some of the same irresponsible actors that helped create the current financial mess would argue that we are doing too much for consumers."

But the financial industry argued that creation of Don Giovanni Watchesa consumer agency would go in the opposite direction of trying to streamline the regulatory system and would create conflicts between agencies that regulate banks and other institutionsFreelancer Watches for their safety and soundness and the new agency charged with protecting consumers.

Steve Bartlett, president of the Financial ServicesOthello Watches Roundtable, said the new agency would end up increasing the costs of financial products, reduce consumer choices and "stifle innovation and increase confusion" on the part of consumers.

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