By Diane Bartz

WASHINGTON (Reuters) - A U.S. House of Representatives panel approved a bill on Thursday to create a Consumer Financial Protection Agency to oversee mortgages and other financial products while strengthening the pro-consumer Federal Trade Commission.

The House Energy and Commerce Committee voted 33 to 19 to create the new consumer agency. The House Financial Services Committee passed a similar measure last week, with expectation of a full House vote next month.

Lawmakers on the House Energy and Commerce Committee voted to make two major changes to the agency. First, it changed its structure to a five-member commission, with a limit of three commissioners from any particular political party. This would give the new agency the same structure as the Federal Trade Commission and Federal Communications Commission.

In response to the House panel changes, Rep. Barney Frank said, "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."

In committee debate on Thursday, Rep. Joe Barton, who opposes the bill, said creation of a new agency was nothing more than "shuffling the deck chairs" and would do little or nothing to stop criminals whose goal is to perpetrate fraud.

Rep. John Dingell praised the bill as "a powerful and necessary tool" to protect consumers.

(Reporting by Diane Bartz; Editing by Toni Reinhold)