Consumer Action :: Renewed effort in Senate to reach financial regulation

Keep the Information Flowing

Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.

Released: March 01, 2010

Renewed effort in Senate to reach financial regulation

Source: Sewell Chan, N.Y Times (Free Registration)

When Christopher J. Dodd announced in January that he would not seek a sixth term in the Senate, he called reform of financial regulation, along with health care, “the two most important issues of our time,” and pledged to spend his last year in Congress “fully focused” on his legislative duties.

But as Mr. Dodd, chairman of the Senate Banking Committee, prepares a proposal to overhaul financial regulation, to be released possibly as early as this week, he is finding that complete focus may not be enough.

Details of part of his plan became public in news reports on Friday. The most hotly disputed elements — the creation of a consumer protection agency to watch for deceptive and abusive terms on mortgages, credit cards, payday loans and other financial products — are a reminder of how intense lobbying and partisan gridlock threaten to significantly weaken what the Obama administration has called a top priority.

Read Full Article: Renewed effort in Senate to reach financial regulation