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Dodd provides bill that will oversee credit card debt and other financial services
By Angela Hawke on Mar 16th, 2010
Legislation proposed by a Democratic senator would create a financial protection agency within the Federal Reserve System.
Connecticut's Chris Dodd introduced the legislation, which would lead to the creation of an agency that would oversee accounts tied to credit card debt or mortgage loans. Dodd's version of the bill is an attempt to find consensus between Republicans and lawmakers in his party on federal financial reforms.
The House of Representatives recently passed its own version of financial reform at the end of last year. Unlike Dodd's version of financial reform, the House's version would create a stand-alone Consumer Financial Protection Agency, which would work to oversee financial products offered to consumers.
Dodd said recently that he expects the Senate Banking Committee - of which he is the chairman - to markup the bill next week.
The White House expressed its support of the bill, with President Barack Obama saying that he would resist any pressure to try and "undermine the independence of the consumer protection agency."
"I will oppose any loopholes that could harm consumers or investors, or that allow institutions to avoid oversight that is important to financial stability," Obama said.
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