WASHINGTON — The banking industry is officially gearing up for full-scale combat against the Obama administration's plan to create a new consumer protection agency, but privately many lobbyists concede they may have already lost the fight.

The Treasury Department on Tuesday submitted to lawmakers a 152-page legislative proposal containing new details about how the agency would function, including its corporate governance, funding and scope of authority. House Financial Services Committee Chairman Barney Frank immediately hailed the language, and said it would serve as the basis for a bill he planned to pass out of his panel by the end of the month.

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