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Frank Agrees to Put Consumer Finance Bureau at Fed

U.S. Representative Barney Frank, the lead negotiator on the financial-overhaul legislation, has accepted the Senate’s proposal to house a new consumer protection bureau at the Federal Reserve.

Frank, chairman of the House Financial Services Committee, will make the concession as part of a package of changes to be debated tomorrow, Steve Adamske, spokesman for the Massachusetts Democrat, said today. Frank had supported creating a standalone agency, an idea included in the financial bill passed by the House in December.