I don’t know about you but this isn’t exactly what I had in mind for a new financial services regulatory regime.

MarketWatch reports that there is a push in both the House and Senate to set up a Financial Products Safety Commission. Here’s what it would do.

The panel would provide independent advice to consumers on mortgage products. It would also be charged with approving new financial and home loan products before they can be marketed to consumers.

Sort of like a financial Food and Drug Administration. When you think about how long it takes and how much it costs to get a new drug approved, this is not a particularly encouraging development.

I was under the impression that most of the thought about new regulation was focused on centralizing regulation. I’m not sure how this idea works into that scheme.