<!--- Insert the sidebar information -->The Obama administration, trying to crack down on abuses exposed by the financial crisis, is considering creation of a regulatory commission to protect consumers of financial products such as credit cards and mortgages, according to administration and industry officials.

These officials said the administration has been exploring such an approach in meetings over the past few days with executives of the financial services industry.

The proposal could set off a turf war among federal agencies such as the Securities and Exchange Commission and the various bank regulatory agencies.

"Changes are needed to make sure that the current financial crisis, the worst in seven decades, is never repeated."

The proposal the administration was considering would centralize the enforcement of laws that protect consumers of financial products, such as credit cards, mortgages and mutual funds. That effort currently is spread across a number of federal and state agencies, including the Federal Reserve, the SEC and the Federal Trade Commission.

The Financial Services Roundtable, which represents some of the biggest institutions in the country, has argued that it would be a mistake to separate the regulation of financial products from the regulators who oversee the institutions selling those products.

It was unclear whether the administration will propose creating a new federal agency to house the commission or placing the commission under an existing agency.

The administration already has put forward some broad principles for financial regulatory overhaul, including creation of new powers to allow authorities to "Take over major financial institutions that represent a threat to the system."

Comment -- That's all we need is another incompetent federal agency -- and government takeover of private business.....Altlas Shrugged