From the New York Times:
Mr. Dodd and his staff had held regular meetings with Senator Richard C. Shelby of Alabama, the ranking Republican on the banking committee, but those talks recently broke down. Mr. Shelby is said to be opposed to major provisions of Mr. Dodd’s bill, most notably the creation of an agency to protect consumers from abusive and deceptive mortgages and credit cards. Mr. Dodd has yet to produce a Republican who supports his plan. Moreover, several provisions will probably be opposed by moderate and conservative Democrats with ties to various industry groups that have raised objections to the measure.
OK: I have been called out on being naive more than once. But can someone explain what is wrong with an agency to protect consumers from abusive and deceptive mortgages and credit cards?