Financial Regulation

House: Let's Make a Deal

House Majority Leader Steny Hoyer said on Tuesday that he’s open to Senator Chris Dodd’s proposal to create a consumer-protection agency within the Federal Reserve rather than a standalone agency, as President Obama desires. "If we can affect a heightening of the focus on the protection of consumers in another way, we need to consider that," Hoyer said. Before proclaiming the House open to compromise, however, Hoyer maybe should check with his caucus members, like Financial Services Committee Chairman Barney Frank. “The Fed’s such a weak engine, so let’s give them consumer protection? It’s almost a bad joke. I was very disappointed,” Frank said.