Under a bill being written by Sen. Chris Dodd (D-Conn.), a new division of the Federal Reserve would write rules about mortgages, credit cards and other consumer products, but it would not enforce the rules.
The proposal reflects compromises suggested by Republican senators during negotiations which have since ended. The new plan is not expected to get much GOP support.
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Create a Consumer Financial Services Regulator
Support Sen. Dodd's proposal
Leave Financial Regulation Alone