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Released: June 24, 2010

Big job looms for new consumer protection agency

Source: Paul Wiseman, Jayne O'Donnell & Christine Dugas, USA Today

When he took charge of the new Environmental Protection Agency in December 1970, William Ruckelshaus wasted no time flexing his muscle and clobbering polluters.

Nine days after the EPA opened its doors, the Republican official ordered the mayors of Cleveland, Detroit and Atlanta to improve their cities’ water quality — or face his lawyers in court.

Congress is about to loose another new regulatory agency on the business world: The Consumer Financial Protection Bureau, being created as part of a massive legislative response to the financial meltdown of 2008, will police the market for money on behalf of savers and borrowers.

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