Tags: US | Financial | Overhaul

Senate Working On Wall Street Regs

Monday, 01 Mar 2010 08:43 PM

Senate negotiators are reviewing details of a deal on Wall Street regulations that would create a new entity to oversee consumer financial products ranging from credit cards to mortgages.

People familiar with the talks told The Associated Press on Monday night that the proposal would place a consumer agency within the Federal Reserve.

Those familiar with the talks say key members of the Senate Banking Committee are reviewing the plan but have not yet signed off on it.

If the details are worked out, the plan would represent a major step toward creating new regulations aimed at preventing a recurrence of the financial crisis of 2008.

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