Consumer groups welcomed President Barack Obama's proposal to create a Consumer Financial Protection Agency as part of his sweeping overhaul of financial regulations on Wednesday. But they worried that the victory could be short lived as the powerful Wall Street lobbies prepare to go to battle to protect their own.
"The financial industry is sharpening its knives, and the question is, will Congress be able to withstand a sustained assault?" asked Travis Plunkett, the legislative director of the Consumer Federation...
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