consumer protection agency

Wall Street reform isn't quite the law of the land, but already top Democrats are battling over who President Obama should name to run the signature piece of the measure: the consumer protection agency.

A key House committee on Thursday approved the most high-profile part of the White House plan to prevent future financial collapse: The creation of a new agency to regulate consumer financial products.

The financial industry says it will attempt to block the Obama administration's proposal for a consumer protection agency.

But its lobbyists may have a difficult battle ahead. Steve Henn reports.