Biz/Tech
(2009-07-08)
Police tape marked as a Foreclosure Free Zone is seen outside the foreclosed home of Marie Elie in Elmont
Some House Democrats aren't yet on board, when it comes to plans for a new government agency to protect consumers from risky mortgages and credit cards.
But the chairman of the House Financial Services Committee is throwing his weight behind it.
Democrat Barney Frank of Massachusetts says he plans to introduce a measure to set up a "Consumer Financial Protection Agency."
He says it would generally be the way President Barack Obama envisions it, but with some small changes. For one thing, the agency wouldn't have the power to enforce a law aimed at expanding affordable housing in low-income areas.
But other Democrats are joining Republican lawmakers in questioning the plan. Lawmakers who oversee the Federal Trade Commission are concerned that the plan would weaken that agency. They say the FTC should get more resources instead.
It's another sign that government turf battles could slow the enactment of the plan.
© Copyright 2012, Associated Press
