Financial Reform Bill Expected Next Week

Check out AARP Bulletin Michael Zielenziger's update on the financial reform bill that is expected to be potentially passed next week. This is an effort out of the Obama administration to create a financial protection agency -- Zielenziger gives the lowdown for folks who may be confused by all the financial jargon:
In the Senate bill, the proposed consumer financial protection agency would be housed within--but not governed by--the Federal Reserve Bank. The agency would assume regulatory powers that are currently scattered among seven federal agencies, including the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Fed itself.
By bringing a wide variety of enforcement officials under a single roof, the plan is meant to reduce the number of regulations governing consumer protection but also to reduce loopholes and supervisory overlap.
"We need a new cop on the beat to protect consumers," says Sen. Barbara Boxer, D-Calif. "The agencies that oversee banks and credit card companies have given short shrift to consumer protection, leaving homeowners vulnerable to predatory loans and investors susceptible to deceptive schemes."
Read the rest here.

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