WASHINGTON — The new consumer agency will focus on stronger across-the-board, not targeted, regulations that will make the credit market function better and protect consumers, the agency's chief architect Elizabeth Warren said last Thursday.

"Targeted rules don't fundamentally change credit markets," she said at the annual meeting of the Consumer Federation of America.

Warren, who is setting up the agency that will begin operating as part of the Federal Reserve next July 21, said the goals will be to create a regulatory framework that will fix a consumer credit marketplace that is essentially broken.