Obama pushes for consumer protections

July 14, 2009 5:35:24 PM PDT
The Obama administration is pushing hard for a consumer financial protection agency.

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Tuesday, the Assistant Treasury Secretary, Michael Barr, told the Senate's banking committee the current system of consumer protection regulation is designed to fail.

The Obama administration wants to consolidate consumer financial protection functions into a single agency. Such an agency like that could respond more quickly to emerging problems in the financial sector.

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