05/03/2010 05:12 am ET Updated May 25, 2011

Barney Frank: Keeping Consumer Agency Within Fed Is 'A Joke,' Big Win For Banks

March 3 (Bloomberg) -- For consumer advocates, housing a new agency to protect Americans from financial-product abuse within the Federal Reserve would be a defeat after lobbying for an independent body. For banks, it would represent a victory.

Barney Frank, Chairman of the House Financial Services Committee, called a Senate plan to house the proposed Consumer Financial Protection Agency at the Fed “a joke.”