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NEW CONSUMER AGENCY Both bills call for the creation of a consumer protection agency.
The political obstacles to the creation of a consumer protection agency are formidable.
Last year, the White House proposed the creation of a consumer protection agency to guard against lending excesses.
The creation of a consumer protection regulator, with broad authority to write and enforce rules protecting borrowers, is a centerpiece of the financial legislation.
The legislation would hand consumer groups a series of important victories, most notably the creation of a consumer protection bureau inside the Federal Reserve.
There are other aspects of the plan that could be accomplished first, like new regulation of derivatives and creation of a consumer financial-products safety commission.
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She pushed for the creation of a consumer-protection agency, to police the kinds of practice that she had criticized in her scholarly work: deceptive credit-card bills, home mortgages with misleading terms.
By the middle of the week, a number of differences had been ironed out, including the creation of a consumer-protection bureau housed within the Federal Reserve, the regulation of debit-card "interchange" fees and measures requiring firms that securitise loans to retain a portion of the risk.
A plausible newcomer for 2016, Democrats say, is Elizabeth Warren, who advised Mr. Obama on the creation of a consumer-protection bureau for financial products and is now running to be a senator from Massachusetts (against Scott P. Brown, the incumbent and a Republican hero).
They were to protest the creation of a new consumer financial protection regulator, to argue that national banks should remain exempt from state consumer laws and to advocate that the Federal Reserve keep oversight for some state-chartered banks, among other issues.
In the big cities of the coast, the creation of a Chinese consumer society is proceeding apace.
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