Obama welcomes panel vote on financial watchdog

WASHINGTON Oct 22 (Reuters) - U.S. President Barack Obama welcomed a vote by a key U.S. congressional committee on Thursday to establish a Consumer Financial Protection Agency.

"The Consumer Financial Protection Agency will prevent predatory lending practices and other abuses and will ensure that consumers get clear information they can understand about financial products like credit cards and mortgages," he said in a statement.

"We will continue to work closely with Congress to create, for the first time, a federal agency whose sole mission is to protect the financial interests of everyday Americans."

The House of Representatives Financial Services Committee voted to back the bill only after exempting a wide range of businesses from the proposed agency's jurisdiction, including small banks, auto dealers and insurers.

(Reporting by Jeff Mason; Editing by Eric Beech)