"The House Financial Services Committee was on track Thursday to approve the creation of a new Consumer Financial Protection Agency that would regulate popular financial products like mortgages, credit cards and savings accounts," Associated Press reports. "Democrats have hailed the plan and said the agency would help to reach across various businesses to stop fraud and abusive practices. But under pressure from industry, the Financial Services Committee has carved out numerous exemptions to the industries subject to agency oversight. Among those exempt are retailers, real estate brokers, lawyers, cable companies and accountants. Rep. Barney Frank, who chairs the panel, said exceptions were being made to clarify that the agency will monitor financial products and not every financial transaction made by the American public. He scoffed at several Republican proposals, including one by Rep. Tom Price, R-Ga. that would exempt student loan providers, that he said were aimed at gutting the bill."