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Sentate Bill Would Give Fed More Consumer Powers

After months of bipartisan bashing of the Federal Reserve's actions during the recession,

By Claude R. Marx | Updated on March 09, 2010

After months of bipartisan bashing of the Federal Reserve’s actions during the recession, a major proposal discussed by Senate Banking Committee members would give the Fed more power to regulate consumer financial products.

In the wake of unanimous opposition from Republicans to creating a Consumer Financial Protection Agency, Committee Chairman Christopher Dodd (D-Conn.) and Sen. Robert Corker (R-Tenn.) were floating a compromise proposal to beef up the Fed’s consumer regulatory powers.

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