Please can you explain? Thanks :-)
As an independent group, the new consumer agency would have its own funding...and no bosses. It would be free to attack banks unless banks made loans to the right PC groups, for example.
But under the Fed, the new consumer agency has a boss...the Fed Reserve Board...and depends on Fed funding. The Fed Reserve Board is staffed by...bankers.
Now the new consumer group is no longer free to make unlimited attacks on bankers.