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Released: June 21, 2011

Wall Street’s newest cop ready for duty

Source: Ben Protess, N.Y. Times

Even as Congress squabbles over who will lead the new consumer watchdog, the fledgling agency is gearing up to police Wall Street. Over the last several months, Republicans have scrutinized the early moves of the Consumer Financial Protection Bureau, introducing measures to slash its budget and ordering investigations into the scope of its authority. The attacks, which center on Elizabeth Warren, the Obama administration official setting up the bureau, have stymied the White House from naming a director. But the vacancy will not delay the bureau’s debut as the newest cop on Wall Street. On July 21, the bureau will formally open its doors and will be able to send its examiners into Goldman Sachs, JPMorgan Chase and other financial titans — whether or not it has a director. It can also issue new rules for big banks, examine their books and file enforcement actions, all crucial steps for an agency that was born only a year ago.

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