As newspapers continue to falsely report that the Consumer Financial Protection Agency is dead on arrival in the Senate, supporters of the agency are stepping up efforts to urge Chairman Chris Dodd (D-CT) of the Senate Banking Committee not to knuckle under to the bank lobbyists, who surely do want it dead. CFPA god-mother Elizabeth Warren issued a statement to supporters. [CLICK READ MORE for all links] Americans for Financial Reform issued a news release. Ralph Nader, a Connecticut native, sent Senator Dodd a strong letter supporting CFPA. Center for Responsible Lending made a video explaining why we need a consumer watchdog. Center for Media and Democracy and Banksterusa.org made a cute video urging Senator Dodd to dance with Main Street, not Wall Street. After you watch the video, sign the petition for strong reform and a strong CFPA.
Consumer Financial Protection Agency Proposal Said to be in Trouble in Senate
by Jeff Sovern
The Wall Street Journal story is here. Senator Dodd is said to be willing to settle for a beefed-up consumer protection agency within another federal agency, perhaps the Treasury. Of course, the Office of the Comptroller of the Currency is such an agency, and it has been more of a hindrance to consumer protection than a help. Settling for such a half-step--and maybe it's not even that--would be a huge disappointment. The Huffington Post has Elizabeth Warren's take on this proposal and Reuters has this story on her reaction.