Consumers may soon have a new financial watchdog

Everyone expected some type of financial reform after the major financial disaster we've all experienced, but no one was sure exactly how this reform would be carried out. Today's Washington Post suggests the Obama administration is looking to create a new regulatory commission focused on protecting consumer's interests. Right now those interests are dealt with piecemeal by a number of entities including the Federal Reserve, the FTC, the SEC and others.

Some of these regulatory agencies place a low priority on consumer protection and the Obama administration wants to change that by creating a body whose primary responsibility is consumer protection for people who use financial products, such as credit cards, mortgages and mutual funds. A leading proponent of such a commission is Harvard University professor Elizabeth Warren, who now chairs the Congressional Oversight Panel for the government's financial rescue initiative.