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Fed to host consumer watchdog?

<p><b>WASHINGTON.</b> The Federal Reserve, which was criticized for failing to protect consumers in the run-up to the credit crisis, would be the home of a new financial consumer watchdog under an agreement announced yesterday.</p>

WASHINGTON. The Federal Reserve, which was criticized for failing to protect consumers in the run-up to the credit crisis, would be the home of a new financial consumer watchdog under an agreement announced yesterday.


House of Representatives Democrats said they have agreed to go along with a Senate proposal to put the watchdog inside the Fed, backing down from their earlier support for setting up a powerful new stand-alone agency.


The House’s retreat on the issue resolves a lingering dispute and moves historic Wall Street reform legislation closer to completion.

 
 
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