Bankers weary of consumer watchdog agency for financial products

President Obama wants more watch dogs. The financial community does not agree. The agency would oversee just about every available consumer financial product, from payday loans and credit cards to loans from banks and nonbank mortgage lenders.

Answer this much, “How effective is the SEC?” Hello Bernie Madoff. We don’t need another straw man.

Anyway, there is some good banter on this proposed agency here.

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