WASHINGTON — The head of the Securities and Exchange Commission objects to a plan being considered by the Obama administration to create a new financial watchdog to protect consumers.

SEC Chairman Mary Schapiro said today such a new entity, which was discussed Tuesday night by Treasury Secretary Timothy Geithner and other officials, would reduce the SEC's authority and damage government protection of investors.

Schapiro said: "I question pretty profoundly any model that would try to move investor protection functions out of the Securities and Exchange Commission."

That couldn't be done "without really damaging the fabric of the entire investor protection regime," she said.