Federal Reserve officials will oppose the Obama administration’s proposal to strip the central bank of its powers to protect consumers from predatory lending.
Policy makers will resist President Barack Obama’s blueprint because its new Consumer Financial Protection Agency would supplant the Fed’s authority to write rules on lending and disclosure practices on mortgages and credit cards. A review of the role of the 12 regional Fed banks also risks compromising the independence of the Federal Reserve system, said former Fed governor Randall Kroszner.
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