Did Barney Frank water down consumer protection?

It certainly sounds like it. Why?

CNBC.com obtained a copy of the discussion draft before its release early Friday morning.

In general, Frank's version gives the agency many of the same rulemaking and enforcement powers of the White House proposal. Treasury Secretary Timothy Geithner told Frank and his committee at a public hearing Wednesday that the administration was "very supportive" of the changes.

Analysts, however, consider it less tough on financial firms by dropping the plain vanilla and reasonable standards provisions.

NOTE FROM JOHN: Maybe Barney simply never read his own bill. He does that a lot.