Advocacy Group Warns Senator Dodd Against Making Financial Reform Weaker Than Nation’s Largest Bank Will Accept
By Scott Nance
The Democratic Daily
A consumer advocacy organization is calling on Senate Banking Committee Chairman Christopher Dodd (D-CT) to re-affirm his commitment to create an independent consumer financial regulator after the nation’s largest bank announced it would not oppose the agency.
The CEO of Bank of America told President Obama his company does not oppose creation of a Consumer Financial Protection Agency, according to the advocacy group, Consumer Watchdog. Also last week, former Citigroup Chairman John Reed endorsed a consumer regulator in testimony before the Senate banking panel, the organization adds in a statement.
The House last fall approved its financial reform bill, so action now centers on the Senate.
Dodd reportedly has been negotiating with the Banking Committee’s ranking Republican, Sen. Richard Shelby (R-AL) over a bipartisan reform proposal. However, Shelby reportedly has rejected creation of a Consumer Financial Protection Agency (CFPA). (more)