Business

Obama Mulls Panel To Protect Financial Consumers

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The Obama administration is considering a proposal that would create a U.S. agency that would protect consumers who buy financial products. Reports indicate it would operate along the lines of the Consumer Product Safety Commission. Financial product regulation is currently fractured among several federal agencies and states.

STEVE INSKEEP, host:

NPR's business news starts with financial regulation for consumers.

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INSKEEP: There's some talk in the Obama administration of having one agency regulate mortgages, mutual funds, and other financial products aimed at consumers. It would operate along the lines of the Consumer Product Safety Commission, which polices tangible products like toys. Financial product regulation is currently fractured among several federal agencies and states, and many see that as a problem. It is not clear whether the government would set up a new agency or unify regulation under an existing watchdog.

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