A New Federal Consumer Financial Protection Agency

In a New York Times article last week (seen here: http://www.nytimes.com/reuters/2009/09/23/us/politics/politics-us-financial-regulation-cfpa.html?_r=1&scp=7&sq=consumer%20watch%20dog%20agency&st=cse), the recent White House proposal for a consumer financial protection agency is discussed. As with any new agency, it will take some time to become effective. Although it will have a huge influence on the financial sector, and should provide valuable protections, politicians are right in being keen not to reduce the competition, and the ability of consumers to make their own decisions, in the financial sector.