New Federal Agency As Watchdog for Consumers

Letter to Congress:

EIN News says, "Obama's Financial Consumer Watchdog in Jeopardy. Obama administration wants to create a U.S. agency to protect financial consumers, but the idea is in jeopardy due to deep resistance from banks and from existing regulators protecting their turf. (reuters.com)".
Consumers generally need protection from sophisticated, unsavory practices of lending institutions.
However, we have existing governmental regulators. Before Congress could possibly consider supporting creation of a new US agency in this area, the Obama administration needs to give Congress a complete listing of all present regulatory agencies, what their present responsibilities are, deficiencies in their performance, why performance cannot be improved, and how a new agency would improve the situation.