Sharks circle in Congress

Source: New York Times (Free Registration)

The banking industry has made no secret of its desire to kill off President Obama’s timely and important proposal to create a powerful new consumer protection agency. It’s counting on the cooperation of lawmakers addicted to campaign contributions and eager to please their patrons. But there are other sharks in the water. The administration must also fend off federal regulators, who far too often have placed the bankers’ interests first and consumer protection second and want to preserve the status quo.

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