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Dodd Set to Kill the Consumer Financial Protection Agency

January 15, 2010 - by Donny Shaw

The retirement plans of Senate Banking Committee Chairman Chris Dodd [D, CT] could go one of two ways. He could decide to get tough on the banks and pass a strong regulatory reform without worrying about what it will mean for his campaign coffers. Or he could basically stop fighting, let a weak bill through, and curry favor with the financial industry just in time for him to step into the private sector.

A report in today’s Wall Street Journal makes it pretty clear that he’s decided to take the easy road out:

Senate Banking Committee Chairman Christopher Dodd is considering scrapping the idea of creating a Consumer Financial Protection Agency, people familiar with the matter said, an initiative at the heart of the White House’s proposal to revamp financial-sector regulations. […]

Mr. Dodd’s offer is conditional, however: Republicans must agree to create a beefed-up consumer-protection division within another federal agency, these people said.

There are 13 Democrats and 10 Republicans in the Banking Committee. Which two Democrats does Dodd think would vote down an independent CFPA? Anyone know?

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  • billkarwin 01/15/2010 8:08am

    Being a lame duck is a two-edged sword. One doesn’t have to worry about taking a position unpopular with lobbyists and the effect on campaign fundraising, but one also cannot offer support for other Senators’ future bills in exchange for their support today.

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