Consumer Financial Protection Bureau

Our congress just passed the Financial Reform Bill on July 15th, establishing the Consumer Financial Protection Bureau. What's interesting to note however is in the following paragraph:

Independent Bureau Is Established. The Financial Reform Act creates the Bureau of Consumer Financial Protection, an independent bureau within the Federal Reserve System. Under the direction of a presidential appointee, the Bureau implements federal consumer financial laws through rulemaking, orders, policy statements, guidance and enforcement actions. Although it resides within the Federal Reserve System, the Bureau is autonomous: the Federal Reserve System's Board of Governors has no authority to review, approve, delay or prevent the issuance of any of the Bureau's rules or orders.

more info: http://www.franchising.com/pressreleases/16490/

Why is this a part of the Federal Reserve? So the Fed can make sure that the bureau won't be able to interfere with the prevention of consumer fraud in the future?

tags: classic