Uphill Battle on Federal Consumer Reforms

An update from VPIRG’s federal consumer advocate in Washington, DC on reform efforts: “Today, Senate Banking Chairman Chris Dodd (D-CT) proposed a draft of a comprehensive financial reform bill that includes a strong stand-alone Consumer Financial Protection Agency. It’s a major step and we intend to work with him, Chairman Frank in the House and the President both to strengthen their bills and fend off pernicious special interest amendments to weaken or delay final passage. Incredibly, despite the collapse of our economy due to a financial regulatory system that failed, passage of final financial reform to protect consumers, small investors and taxpayers still faces a gauntlet of special-interest lobbyists looking for exceptions and loopholes.”
LINK TO FULL STATEMENT OF U.S. PIRG CONSUMER PROGRAM DIRECTOR ED MIERZWINSK
LINK TO DODD’S RELEASE WITH LINKS TO SUMMARY AND THE DISCUSSION DRAFT