Sen Dodd Blasts Financial Firms For Opposing Consumer Help

By Michael R. Crittenden Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--A visibly angry U.S. Sen. Christopher Dodd had a simple message for financial firms on Thursday: you oppose the creation of a new consumer protection agency at your own risk.

Dodd, who is chairman of the Senate Banking Committee and who will be the chamber's leader on regulatory reform efforts, said he was "upset" by media reports that financial industry groups are gearing up to oppose the Obama administration's proposal to create an agency to protect consumers from abusive financial products.

"The very people who created the damn mess are the ones" now saying they will oppose sensible changes, Dodd, D-Conn., said. "That's not the place to start."

The comments came as Treasury Secretary Timothy Geithner was scheduled to appear in back-to-back hearings on both sides of the Capitol on the Obama administration's regulatory revamp for the financial-services industry.

Category:

News & Politics

Tags:

• Senate
• Senator
• Chris
• Dodd
• Banking
• Hearing
• Financial
• Regulation
• Consumers
• Geithner

[hootchy]

Why didn't the Credit Regulations address usurious interest rates? Anyone know the answer?

[superman01]

You tell Sen. Dodd