Huffpo: Consumer Groups Rip Chris Dodd Over Financial Protection Agency Compromise

[flpoljunkie]

(Elizabeth Warren says an independent Consumer Protection Agency is the key element of financial reform. It looks like Dick Durbin was right when he said about the banks, 'Frankly, they own the place.' We must not let this watered down financial reform proposal stand.)

Consumer Groups Rip Chris Dodd Over Financial Protection Agency Compromise
by Ryan Grimm

02-28-10

Consumer advocates are reacting harshly to a compromise Consumer Financial Protection Agency being proposed by Banking Committee Chairman Chris Dodd (D-Conn.).

HuffPost and other media outlets have obtained a copy of a memo outlining the proposal that Dodd sent to committee members this weekend. Read the memo here.

Under Dodd's plan, "the agency proposal would be dropped." Consumer groups and labor unions had been pushing for independence as key to the agency's success. Bank regulators, they argued, should not have authority to veto consumer protection rules, because they have the interests of the banking sector as their central priority, rather than concern for abusive practices.

Consumer groups also wanted a presidentially-appointed head of the agency and an independent funding stream. Dodd's proposal includes both of those. But without independence, the agency loses its ability to write or enforce strong rules.

"We appreciate Chairman Dodd's extensive efforts to secure bipartisan support for this critical part of the financial reform bill, but effective reform is once again being blocked by opposition from the big banks that caused the current financial crisis. The revised proposal does not provide what is needed to protect American families or the financial system as a whole: a strong, independent Consumer Financial Protection Agency with the power to set and enforce fair rules for all types of credit," said Heather Booth, Executive Director of Americans for Financial Reform, in a statement.

more...

http://www.huffingtonpost.com/2010/02/28/consumer-groups-rip-chris_n_479983.html

[DJ13]

1. K&R

Why am I the first?!

[flpoljunkie]

2. Most are focused on healthcare, but real financial reform with independent consumer agency's crucial

We cannot afford another great recession. Elizabeth Warren feels that if we had had an independent Consumer Protection Agency, we would not have have the current foreclosure crisis which is at the heart of the financial meltdown.

[Jennicut]

3. Dodd just wants to leave his options open for his next job. He is my Senator and frankly

I have had enough of his sometimes doing the right thing and other times totally screwing us over.

[Canuckistanian]

4. Jesus, why doesn't Dodd just do the right thing?

He's not up for re-election, he doesn't have to please the banking interests any more.

Why is he doing this? Sheer habit?

[LatteLibertine]

5. He's likely being compensated