Tuesday, March 16, 2010

Consumers Union: Dodd’s Bill Moves Ball Forward,

But More Needs to Be Done to Protect Consumers

WASHINGTON, D.C. -- In response to a proposed package of financial industry reforms announced by Senator Chris Dodd today, Consumers Union, the non-profit publisher of Consumer Reports, said the legislation contains some important reforms, but said more needs to done to better protect consumers.

Gail Hillebrand, Director of Consumers Union’s Defend Your Dollars campaign (www.DefendYourDollars.org), said “It is encouraging that Senator Dodd’s financial reform package includes a new government watchdog to protect consumers from unfair financial practices that can undermine family wallets and our economy. But we are concerned that this bill gives veto power over new consumer protections to another group of banking regulators and relies too heavily on these same regulators to enforce new safeguards. We need a government watchdog with real authority to protect consumers. Lawmakers should strengthen the Dodd proposal by making sure that the banking regulators who failed to prevent our current financial crisis can’t stand in the way of needed consumer protection.”



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