Senator Dodd Takes Aim at Real Regulatory Reform
November 10, 2009
Washington, DC – Senator Dodd, Chairman of the Senate Banking Committee, today introduced a financial reform bill that would establish a robust Consumer Financial Protection Agency (CFPA), empowered to enforce the Community Reinvestment Act. Creating an agency whose sole mission is to protect consumers within the financial markets is critical in light of the impact of the financial crisis: More than 300,000 homes are going into foreclosure each month, small businesses cannot get the credit they need, and unemployment has risen above 10%. The Senate now has the opportunity to pass robust legislation that is in line with the President’s proposal. The House Financial Services Committee bowed to pressure from the financial services industry and passed a weak bill.
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