Fed's James Bullard says funding of consumer bureau a worry
WASHINGTON (Reuters) - St. Louis Federal Reserve President James Bullard said on Monday funding for a consumer protection office established under regulatory reform laws is not based on a clear sense of how much the bureau needs and is a source of concern.
"The amount of money allocated in the law is not based on a careful assessment of what the needs of the bureau will be as it attempts to fulfill the mandate of the Congress," he said in remarks prepared for delivery to a conference at the St. Louis Fed. A text of his remarks was made available in Washington.
Bullard, a voter this year on the Fed's policy-setting panel, did not comment on the outlook for Fed policies or the economy.
Bullard did not specify whether he thought funding for the bureau was inadequate. However, he said the bureau would perform a significant function in writing consumer protection rules that apply to all banks and other types of lenders and in examining big banks' consumer protection performance.
"Setting up the bureau and meeting its congressional mandates is no small task," he said.
- White House reverses, says Obama met uncle and lived with him during law school
- Flights delayed as air pollution hits record in Shanghai
- South Africa mourns Mandela, will bury him on December 15 |
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Analysis: Boeing bidders dangle goodies to win 777X jetliner
Nelson Mandela: 1918 - 2013
Reuters looks at the life and times of Nelson Mandela, an icon of peace and reconciliation who came to embody the struggle for justice around the world. Video