Getting your player ready...
WASHINGTON — Senate Banking Committee chairman Christopher Dodd has abandoned the Obama administration’s plan for a stand-alone consumer financial agency and is proposing a bureau in the Treasury Department, seeking to win Republican support for legislation to overhaul U.S. financial regulations.
The Bureau of Financial Protection would be run by a director appointed by the president, have power to write consumer-protection rules for companies that offer financial services and be funded mainly through industry fees, according to a two-page summary the Connecticut Democrat is circulating.
