DODD JOINS OBAMA IN CALLING FOR INDEPENDENT CONSUMER FINANCIAL PROTECTION AGENCY

WASHINGTON – Today, Senate Banking Committee Chairman Chris Dodd (D-CT) attends a meeting at the White House today to hear from five Americans who have suffered under the outdated rules governing our financial system.  Dodd joins President Barack Obama, Treasury Secretary Tim Geithner, and House Financial Services Committee Chairman Barney Frank in calling on Americans to stand up to opponents of a new Consumer Financial Protection Agency. 

 

Dodd issued the following statement.

 

“It’s stunning to me that consumer protections have become the flashpoint on regulatory reform,” said Dodd.  “How can a need so obvious be so controversial?”

 

“The financial crisis showed us that when consumer protections are a regulator’s secondary responsibility they just don’t happen.  There needs to be an independent agency that looks out for people when they take out a loan, open a checking account or use a credit card.”

 

“Done right, what’s good for customers will be good for businesses.  We need to rationalize the fragmented system where a business finds itself regulated by multiple agencies doing the same job - none of them particularly well.  And we need to start regulating those unregulated entities that helped fuel the financial crisis.  If we level the playing field, then good businesses, like community banks, won’t have to compete with the irresponsible actors who created the financial mess we found ourselves in last year.”

 

 

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