Senate Is Thinking About Bailing On Consumer Protection

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Friday, January 15th, 2010

From the Wall Street Journal

Senate Banking Committee Chairman Christopher Dodd is considering scrapping the idea of creating a Consumer Financial Protection Agency, people familiar with the matter said, an initiative at the heart of the White House’s proposal to revamp financial-sector regulations.

The Connecticut Democrat, who announced this month that he wouldn’t run for re-election this year, has discussed the possibility of abandoning the push for a new agency during negotiations with key Senate Republicans as a way to secure a bipartisan deal on the legislation, these people said.

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