WASHINGTON, March 1 (Reuters) - The White House said on Monday that where a proposed consumer financial protection agency is housed is less important than its independence.
“I don’t think its address is the seminal test for this proposal,” White House spokesman Robert Gibbs said when asked about a proposal by Republican Senator Richard Shelby to make the watchdog a division of the Federal Deposit Insurance Corp.
“Most importantly, the CFPA has to have strong independent authority, an independent head, an independent budget, independent authority to do what it needs to do,” Gibbs said. “That will be the test that we will look for as this legislation moves forward.”
Reporting by Ross Colvin and Patricia Zengerle; Editing by Eric Beech