Are we set to have a new Consumer Financial Protection Agency?

In an attempt to protect the consumers from unscrupulous practices and help make financial products easier to understand, President Obama has sent a 152 page draft bill that proposes to create a Consumer Financial Protection Agency. It also proposes to set uniform rules that will govern both the banks and the non-banks. This move is expected to improve transparency, monitor the financial services so far left unregulated, simplify financial documents for consumers and make the banks and non-banks subject to a specific set of enforcement practices.