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Bernanke backs Obama regulation overhaul 
Fed chairman, in House testimony, says he agrees with most of the administration's plan, but balks on the consumer agency.
By Jennifer Liberto, CNNMoney.com senior writer
Last Updated: October 1, 2009
WASHINGTON (CNNMoney.com)
Excerpt:
House Financial Services chairman Rep. Barney Frank, D-Mass., noted that many lawmakers who have been the most critical of the Federal Reserve don't want to see a separate consumer agency. He suggested those lawmakers are acting hypocritically for supporting the Fed's powers to protect consumers while questioning other powers.
"If you look at the current arrangement of power involving consumer protection, in terms of mortgages, in terms of credit cards, in terms of overdraft, the largest single agency in the bank regulatory field doing consumer protection is the Federal Reserve," Frank said.
Full Article: http://www.campaignforliberty.com/wire.php?view=7803