The proposed agency to regulate consumer financial products will result in a duplication of efforts because financial institutions would be examined by the agency and their existing regulator, Federal Reserve Chairman Ben S. Bernanke said in response to a question from Mazuma Credit Union President/CEO Rob Givens.

Bernanke, who made his comments during a town hall meeting being aired this week on PBS' Newshour, declined to take a position on the wisdom of the new agency and said he "can understand the motivation for creating such an agency."

But Bernanke also said that leaving the examination powers with the regulatory agencies and only giving the new agency the power to write regulations would be problematic as well.

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