Rep. Barney Frank (D-Mass.) said a legislative effort backed by Rep. Henry Waxman (D-Calif.) would weaken a new federal agency on financial protection.

The Hill reported on Wednesday that the two powerful Democratic committee chairman were clashing over legislation setting up a new Consumer Financial Protection Agency (CFPA), a key priority for President Barack Obama's administration.

Waxman supports the new agency but with a five-member commission in charge. Frank strongly supports having a single director at the helm. The debate on leadership structure is central to the power and scope of the new agency.

Frank redoubled his efforts on Thursday to make his case.

"Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection," Frank said on Thursday.