Blue Dogs Aim To Scrap Obama's Financial Product Safety Commission

11/20/2009 05:12 am ET | Updated May 25, 2011

Blue Dogs and other conservative Democrats -- uneasy with a key element of President Barack Obama's plan to regulate Wall Street -- are rallying around an alternative proposal that scraps the consumer financial protection agency the president has been pushing.

Rep. Walt Minnick, a freshman Democrat from Idaho, has floated the new plan. Instead of creating a new federal agency to protect consumers from predatory financial firms and shoddy products, Minnick's plan would have existing state and federal regulators work together in a "consumer financial protection council."

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