In yet another twist in the debate over the CFPA, Republican Senator Richard Shelby has reportedly offered two proposals to Senator Dodd. Under the first proposal, a new consumer protection division would be created in the FDIC, which would have to approve of any new regulations. Under the second proposal, Senator Shelby proposes a Financial Products Consumer Protection Council. This head of this Council would be appointed by the President and other members would be bank regulators and the head of the FDIC.

Also, Politico is reporting this morning that Barney Frank wants to televise the negotiations between the House and Senate over the differences in their respective financial reform bills. Frank believes that he can win over Republican Senators by having them televise their remarks on C-SPAN. No response yet from the Senate, where Senator Dodd has been trying to create bipartisan support for a bill in which the CFPA would be not be independent, but housed in another agency.