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“This may sound a little far-fetched, but you can have the wrong person in this position - there’s no board, there’s really no check and balance - that you can imagine could use this organization to try to create social justice in the financial system,” he said.

Like the corporate boardroom provisions, many of the activities within the reach of the new consumer agency had “absolutely nothing - zero - to do with the financial crisis,” Mr. Corker said. “But this has become a Christmas tree for those kinds of things, because people realize it’s something that’s going to pass.”