June 30, 2009


Administration Details Consumer Protection Financial Agency

WASHINGTON – Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Obama Administration today released its legislative proposal to create an independent Consumer Financial Protection Agency that will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules.
“The Administration is addressing the colossal failures that led to the economic crisis with a bold and aggressive plan,” said Dodd.  “Creating an independent agency whose sole focus is protecting consumers - be it credit card holders, anyone with a bank account, or families with mortgages or student loans – is really the key to creating the foundations for a stronger economy.”
“It is unbelievable that some of the same irresponsible actors that helped create the current financial mess would argue that we are doing too much for consumers.  Don’t they realize that they need a healthy customer base if they want to continue to be successful?”
Dodd has consistently argued that robust consumer protections must be the foundation of any regulatory modernization proposal.  Earlier this month Dodd outlined his priorities for such an agency.