WASHINGTON — Sen. Bob Corker, a key Senate architect of the regulatory restructuring legislation, said today that it is more important that a new consumer regulator have sufficient authority than whether it is an independent agency.
While declining to unveil details of the legislation, which is still being written, Corker (R-Tenn.) said members of his party don't want a final bill in which consumer protection would trump safety and soundness concerns. He also said there should be more uniformity among consumer regulations.
Corker, who appeared on a panel with fellow Banking Committee Member Mark Warner (D-Va.) at a meeting sponsored by The National Journal, said in any new regulatory structure "you can't have multiple people dealing with financial institutions and giving them mixed signals."
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