Lawmakers clash over Fed role in consumer protection

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A storm is brewing in Capitol Hill over the Federal Reserve's role in consumer protection after it emerged on Tuesday that Chris Dodd, the chairman of the Senate banking committee, was to make a u-turn on limiting the scope of the central bank's activities.

Dodd, a Democrat, is thought to be seeking a compromise that would see the Fed hang on to its remit for consumer protection. In a 1,136 page bill he tabled in November, Dodd said the Fed should not be allowed to retain this responsibility and

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