Consumer Protection News

For immediate release 

March 15, 2009

Contact:  Rebecca Alper

NJPIRG Program Associate

Office: 609-394-8155 x313

Mobile: 617-840-5999

Email: ralper@njpirg.org

NJPIRG Statement on Chairman Dodd’s Wall Street

and Consumer Protection Reform  

Trenton, March 15 – “We applaud Chairman Dodd of the U.S. Senate Banking Committee for moving forward towards passage of legislation to protect American consumers and increase the stability of the economy. We expect that Wall Street bankers who wrecked the economy and were then bailed out by the taxpayers will continue to try to delay or kill this reform designed to protect people on Main Street,” said Rebecca Alper. NJPIRG Program Associate. “While we still have a ways to go, this bill has been improved in several ways through the leadership of outspoken Senators such as Sen. Menendez.”

To deflect bank opposition to the proposal, Chairman Dodd placed the Consumer Financial Protection Agency in the Federal Reserve. While we continue to support a strong independent Consumer Financial Protection Agency, this consumer bureau appears to be in, but not under, the Fed, with a strong firewall, Alper added. 

Additionally, the proposal gives the consumer bureau broad rulemaking authority, but allows the system risk council dominated by institutions that failed consumers in the past the power to veto these rules, which is unacceptable.

“The House passed its version of reform, but we now face an army of bank lobbyists seeking to weaken this bill in the Senate. Will Senators vote with Main Street to improve this package or weaken it for Wall Street?.”

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NJPIRG, is a non-profit, non-partisan public interest advocacy organization. For more information visit http://www.njpirg.org.