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Quotes and such:
While banks will lobby to water down the agency’s proposed powers in Congress, the devil will be in the details. One important question is how the agency would be financed. A spokesman for the Treasury told The Times that it would be paid for in part through “fees assessed on entities and transactions across the financial sector.” While he was not more specific, there could be conflicts of interest if, for example, banks paid fees directly to the agency to seek approval for their products.
Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, applauded the administration Thursday for including the new agency in its overhaul and lashed out at the banking industry’s criticisms. ”The very people who created the damn mess are the ones now arguing that consumers ought not to be protected,” he said.
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