Sen. Bob Corker, a key Republican negotiator on regulatory restructuring, said he wants to be sure that the proposed entity to regulate consumer financial products will take a balanced approach.
"I don't want an overzealous consumer protection agency," Corker (R-Tenn.) said yesterday at a speech at Vanderbilt University in Nashville, Tenn., according to a report in Nashvillepost.com. "We need balance. Right now in the bill, there's too much independence and too little coordination between the regulators and the consumer protection side."
Under the bill introduced by Senate Banking Committee Chairman Christopher Dodd (D-Conn.), and passed along party lines by the panel last week, the regulator would be housed in the Federal Reserve but be headed by someone appointed by the president. By contrast, in the bill passed by the House last year, the agency would be completely independent.
Corker was the main negotiator with Dodd on regulatory restructuring but the talks were suspended because they disagreed on key points. Dodd introduced his own bill but Corker said yesterday with some modifications the bill could garner some GOP support when it reaches the Senate floor.