Banking Committee Chairman Christopher Dodd deserted the Obama consumer financial agency and proposed an administrative unit in the Treasury Department.

President Obama would now appoint a Director who would run the Bureau of Financial Protection. According to the proposal, banking regulators will have control over banks and credits with assets of less than $10 billion. The bureau would be financed by fees via large banks and non-banks.

“It is one of several proposals he has advanced to seek a bipartisan consensus and enhance consumer protection”, said Dodd spokeswoman Kirstin Brost in an e-mail.

The financial-services industry is against the agency and its lobbyists, a person who tries to influence legislation on behalf of a special interest or a member of a lobby, and has urged lawmakers bargaining the bill language to eradicate the idea, which includes a stand-alone agency.

Dodd, who had abandoned Obama on the agency, said in the television interview on “Political Capital with Al Hunt” that he thinks it may not be feasible to have the 60 votes required in the Senate to move forward the proposal as part of the financial overhaul.