Feds Call for Consumer Financial Protections

In a move that is drawing stiff opposition from business groups, the Obama Administration is calling for a new Consumer Financial Protection Agency that will regulate providers of financial services. The new agency, to be announced by the White House on June 17 as part of a broad set of financial regulation changes prompted by the economic meltdown, was described by an Administration official as a "strong independent agency with full authority to protect consumers" and oversee "credit, savings, payment, and other consumer financial products and services."

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