by Gabe Bullard
Third District Congressman John Yarmuth is praising legislative progress on financial regulation.
A joint committee of House and Senate members approved a regulatory overhaul Friday, and it could clear both chambers next week.
Yarmuth says one of the key parts of the bill is the creation of a consumer protection bureau in the Federal Reserve.
“This is the agencies whose primary function will be to make sure that financial products that are offered to the public are offered in a clear and easy-to-understand manner so a lot of the deceptive practices that have plagued consumers won’t be there,” he says.
Yarmuth says he thinks the legislation addresses most of the causes of the 2008 financial meltdown, but he wishes the bill went further to limit risky proprietary trading within banks.