News - National
Consumer rules, Fed audit next on Senate agenda
Posted: May 6, 2010 6:17 AM by Bea Karnes, News First 5
Updated: May 6, 2010 6:17 AM
Disputes over consumer protections and how Congress should oversee the Federal Reserve loom as obstacles to the Senate's efforts to rein in Wall Street.
Republicans have offered a weaker alternative to consumer protection measures that are central to President Barack Obama's Wall Street regulation plan. And a bipartisan group of senators was next in line with an amendment that would require the Federal Reserve to undergo a thorough audit by Congress' investigative arm.
The Republican plan would limit the enforcement power of a proposed consumer protection bureau and make its rules subject to approval by a top banking regulator. Votes on those measures could come as early as today.
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