Financial Regulatory Forum

    WASHINGTON, March 2 (Reuters) – The top Republican on the U.S. Senate Banking Committee said on Tuesday that the powers granted to a new financial government consumer watchdog are more important than its location in the federal bureaucracy.
   “I don’t think it’s a question of where it’s housed. I’m going to say it again, it’s what it does,” Senator Richard Shelby told reporters in a Capitol hallway.
   President Barack Obama’s plan to set up an independent Consumer Financial Protection Agency to regulate mortgages and credit cards has been the main obstacle for weeks to a bipartisan Senate compromise on financial reform. (Reporting by Kevin Drawbaugh; Editing by Leslie Adler) ((kevin.drawbaugh@thomsonreuters.com, +1 202 898 8390, +1 202 488 3459 (fax)))
   Keywords: FINANCIAL REGULATION/SHELBY 
  
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 Tuesday, 02 March 2010 19:04:01RTRS [nWBT013682] {EN}ENDS