Treasury Secretary Timothy Geithner says the Obama administration is considering an independent agency that would set and enforce financial services regulations to protect consumers.
Geithner said the administration is studying the structure and how much authority such an agency would have. Geithner’s comments Thursday were the most specific acknowledgment yet that such an entity could be part of the Obama administration’s broader effort to overhaul financial sector regulations.
Geithner was testifying before a House appropriations subcommittee.
The head of the Securities and Exchange Commission has objected to a watchdog that would chip away at the SEC’s powers.
Geithner told House members that the administration is looking at how a consumer protection agency would relate to “authorities that exist across agencies now.”
