US' Geithner: independent consumer agency needed

WASHINGTON | Mon Feb 22, 2010 10:18am EST

WASHINGTON Feb 22 (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Monday the Obama administration was continuing to work towards creating a single, independent consumer financial protection agency.

Geithner, in a statement on the implementation of new credit card rules, said the "clear, fair rules" will prohibit the use of retroactive rate hikes and "fee traps" by card issuers, but more work is needed to protect consumers.

"We continue to work on strengthening consumer protections and disclosure for a wide array of financial products," Geithner said.

"As we work with Congress on broader reform to make our financial system safer and more stable, we are also working to consolidate the fragmented authority of seven separate agencies into a single, independent and accountable Consumer Financial Protection Agency," he added.

Two key U.S. senators this week are expected to unveil a new financial reform bill, but a key sticking point for Republicans has been the proposed creation of the new agency. (Reporting by David Lawder; Editing by James Dalgleish)

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Comments (1)
social_science wrote:
It’s a shame that now Obama wants a monopoly on consumer protection as well. He should be impeeched immediately. Obama is ruining this country.

Feb 22, 2010 10:51am EST  --  Report as abuse
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