Dodd: Consumer Financial Protection Agency Must Have 'Rule-Making Authority' (VIDEO)

04/28/2010 05:12 am ET | Updated May 25, 2011

Senate Banking Committee Chairman Christopher Dodd said today that, while he supports an independent consumer financial protection agency, he's "more concerned about what powers it has than where it's actually located."

In an interview with Bloomberg Television, Dodd signaled that he is open to moving away from the White House's push for a separate consumer protection agency. What's more critical than whether the agency is independent or integrated into a another regulator, he explained, is that the agency be vested with the power to write rules.

While Dodd said he believed Senate Banking was close to an agreement on a bipartisan financial regulatory bill, he was less hopeful that the Senate will agree on an independent CFPA:

"If there a strict up and down vote on the floor of the senate, I think an independent agency might prevail. But it is complicated and I realize there are a lot of people who object not so much to where it is but the scope of it," he said.

WATCH the interview from Bloomberg: