US Sen Dodd To Introduce Consumer Protection Bill

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Source: Dow Jones

WASHINGTON -(Dow Jones)- Senate Banking Committee Chairman Christopher Dodd said Tuesday that he plans to unveil a legislative package including consumer protection measures pertaining to credit cards, predatory lending, bankruptcies and subprime mortgages.

Dodd, D-Conn., said that he will seek passage of the package - either on its own or as part of an economic stimulus bill - as soon as mid-November, when the Senate will hold a lame-duck work session after the Nov. 4 election Dodd framed the package as a counterpart to a $700 billion Wall Street rescue package signed into law earlier this month.

"It seems to me appropriate that we take some steps to provide for the consumer as well," Dodd said.

Dodd said that he had contacted House and Senate leaders to discuss the package, but hadn't spoken to anyone yet.

The package would include a 90-day moratorium on foreclosures and a provision allowing homeowners to protect their first property through bankruptcy proceedings, according to Dodd. While many congressional Democrats wanted to include a bankruptcy provision in the rescue bill passed earlier this month, the proposal faced strong opposition from congressional Republicans and the White House.

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