May 6, 2010 8:17 AM by Bea Karnes, News First 5

Consumer rules, Fed audit next on Senate agenda

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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