Treasury says consumer protection agency vital
A senior U.S. Treasury Department official said on Wednesday that the current financial crisis shows a dedicated consumer protection regulatory agency is urgently needed.
The federal government has failed in its most basic regulatory responsibility: to protect consumers, Treasury's assistant secretary for financial institutions, Michael Barr, said in prepared testimony for delivery to the U.S. House of Representatives' Energy Committee.
He described the current regime as a fragmented system of regulation designed for failure that lets financial firms shop for the supervisory agency that will be least restrictive.
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