It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Creation of the Climate Service requires a series of steps, including congressional committee approval. But if all goes well, it should be finished by the end of the year, officials said.
The landmark financial-markets legislation expected to be signed into law next week was intended mainly to reduce systemic risk and increase regulation at the corporate level, but it will also alter many aspects of financial life for consumers and individual investors.
Consumers, such as this one at an ATM, will feel the new law's effects.
Consumer advocates publicly hailed the creation of a watchdog agency intended to monitor the safety of financial products for consumers, while privately expressing concern that many areas remain insufficiently regulated.
Meanwhile, Tim Ryan, president of the Securities Industry and Financial Markets Association, said the law would "have profound effects on the operations and cost structure of most financial-services companies and financial markets."
Here is a rundown of the provisions in the legislation that are likely to affect borrowers, savers and investors.
Consumer-protection agency. The Consumer Financial Protection Bureau, part of the Federal Reserve, will oversee a broad range of retail financial products, including checking accounts, private student loans and mortgages. Auto dealers are exempt from the agency's oversight.
The agency will have the authority to "deal with unfair, abusive and deceptive practices," said Travis Plunkett, legislative director for the Consumer Federation of America. "Suddenly doubling or tripling the interest rates on credit cards, for example, might well qualify as unfair."
What's Made It Into the Bill?
For consumers, for investors, for banks and for the government.
Lawmakers Set Historic Finance Deal Financial Bill: Key Steps, Not a Cure-All For Big Banks, It Could Have Been Worse Major Provisions in the Financial Overhaul Bill Negotiators Ease Finance Rules Video: Reshaping the Rules of Wall Street Financial Regulation Watch The head of the bureau will be appointed by the president and confirmed by the Senate. Consumer advocates say it could take 18 to 24 months to set up the agency.
President Barack Obama trumpeted the new bureau Friday: "Through this agency, we'll combine under one roof the consumer-protection functions that currently are divided among half a dozen different agencies. Now there will be one agency whose sole job will be to look out for you."
Is the plan to have everyone working for the government?