Senator Dodd lands a dud: He was for consumer protection, now he is caving into the banks

Senator Dodd, Chairman of the Committee overseeing Banking, is now backing away and caving into the bankers. Here is what a well known banker's blog states:

It appears we are already making inroads in the Senate, as Senate Banking Committee Chairman Chris Dodd has indicated he may drop plans to create a stand-alone Consumer Financial Protection Agency, and, instead, focus on strengthening existing regulators. (January 21, 2010)

Here is what WAS on Dodd's web-site:
Dodd Outlines Plan for Independent Consumer Protection Agency
Says Agency Should be the Foundation of Work to Modernize Financial Regulatory System

June 11, 2009


Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that he believes any effort to reform the regulatory structure of the American financial system should include an independent consumer protection agency that will regulate credit and bank products and protect American consumers from predatory financial practices.



“The economic mess we’re in is rooted in a spectacular failure of consumer protection. For eight years under the Bush Administration, the cops on the beat went on a coffee break while millions of Americans were led into mortgages they couldn't afford,” said Dodd. “If the financial crisis has proven one thing, it is that protecting the financial well-being of American consumers should be our first priority as we work to bring our financial regulatory structure into the 21st Century. I am committed to making this agency the centerpiece of my efforts as I work with President Obama and my colleagues to rebuild our financial architecture from the bottom up.”




Contact Senator Dodd and tell him to start looking out for us!

And they wonder why Scott Brown is so popular.