Consumer protection regulatory frameworks in House and Senate financial reform bills

By now everyone knows that the House bill creates a completely independent consumer protection agency whereas the Senate bill creates a bureau "housed" within the federal reserve.  But what does that actually mean, and how exactly are they structured, and how do their powers compare?  Here it is, for those of you who want a comprehensive, side-by-side comparison.  You might want to click that 'download' button and read it.



I have prepared this document after scouring through the consumer protection agency/bureau parts of both bills.  The House bill has already passed House floor, and the Senate bill, written by Sen. Dodd (D-CT) has cleared the Senate Banking Committee.  I will have a post soon about my impressions of these provisions and what the impacts of the two might be with respect to consumers and economic policy, but right now, I wanted to present the full research so that when I write further about it, there is a base document for everyone to refer to.  I hope you find it helpful.