Edmondson calls for new agency

OKLAHOMA CITY (AP) - Attorney General Drew Edmondson is joining attorneys general in 23 other states in support of a federal consumer financial protection agency.

Edmondson said Monday that he has sent a letter to ranking members in the U.S. House and Senate calling for such an independent agency.

In the letter, Edmondson says the current financial crisis was caused, in part, by inadequate oversight and demonstrates the need for consumer protection at the federal level.

Edmondson says the new agency should focus on large financial organizations and not local banks.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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