U.S. Rep. Brad Miller wants to centralize lending oversight.

The Raleigh Democrat has co-sponsored a bill that would create a new Financial Product Safety Commission that would enforce consumer protection, evaluate lending practices, coordinate enforcement with state and federal regulators and issue public reports.

Currently, at least 10 different federal agencies have responsibility for loans and other consumer financial products. The new agency's name mimics the Consumer Product Safety Commission, an independent government agency that regulates safety of consumer products.

"Our economy is in a deep hole dug by the financial industry," Miller said in a statement. "For years they defended every consumer lending practice, regardless of how predatory the practice appeared on its face, as necessary to make credit available to ordinary Americans."

Miller played a key role in bankrupty reforms being considered by the Senate. He is working with Rep. Bill Delahunt of Massachusetts and Sens. Dick Durbin of Illinois, Chuck Schumer of New York and Ted Kennedy of Massachusetts on this bill.

The bill has been endorsed by over 55 national and state organizations, including labor unions, civil rights groups and consumer protection advocates such as the Center for Responsible Lending in Durham.