Treasury, Fed Dispute On display In Congress

Geithner, Bernanke squaring off in clash over top consumer watchdog

WASHINGTON - Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke are squaring off in a public dispute over who should become the nation’s top consumer watchdog.

Geithner wants to strip the Fed of its consumer protection duties and create a new federal agency designated solely to such a mission. Bernanke says those responsibilities should stay with the central bank and has suggested he is up to the task by outlining new rules for mortgage lenders.

Both officials were scheduled to make their cases Friday morning in back-to-back testimony before the House Financial Services Committee.

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