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DODD REITERATES PRIORITIES FOR CONSUMER PROTECTIONS

March 4, 2010

WASHINGTON – Senate Banking Committee Chairman Chris Dodd (D-CT) today issued the following statement on financial reform in which he reiterated the importance of including a strong, independent consumer protection watchdog with real authority to crack down on abusive practices.   
 
“A lot of attention is being paid to what address the new consumer watchdog will have, but the critical question is will this office have the authority and independence it needs to prevent a replay of the abuses we have seen in recent years that burned so many Americans.”
 
“I am pushing for an office with an independent head, appointed by the President and confirmed by the Senate; that has an independent budget to do its work; autonomy to craft rules; and an ability to enforce those rules.”
 
“This is different than the system that led to the failures we saw in the past.  In the past consumer protections were under the control of the Federal Reserve System and other regulators.  So while we haven't settled on the Fed as the place for this to be housed, there's a vast difference between what is being suggested today and the status quo that failed so miserably in the past.”
 
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