Consumer Financial Protection Agency Bill in Congress

Last week draft legislation to create the Consumer Financial Protection Agency began circulating.  The bill, being put together in the House Financial Services Committee, would create a new federal agency with a director appointed by the president and confirmed by the senate, who's mission would be to stand up for the consumers with respect to financial markets regulation.  Among other things, the draft legislation would require the new agency to coordinate with existing regulators such as the SEC and the CFTC, as well as to maintain a central database of customer complaints relating to financial products and services, and to track the resolution of those complaints.  For a more thorough overview of the proposed legislation, which still apparently has some kinks to work out, check out this WSJ article, as well as the excellent overview of the bill at Jim Hamilton's World of Securities Regulation.