Senate

Bill Proposes Regulator of Financial Products 

Senator Richard Durbin (D-Ill.), joined by lawmakers from both the Senate and the House, introduced Tuesday legislation that would create a Financial Product Safety Commission. The czar-like commission would approve mortgage products and oversee the safety and soundness of consumers, according to press statements. “This new safety commission would hold those who offer consumers financial credit accountable and ensure that they act responsibly,” read a statement from Durbin’s office.