Dodd Supports Creation of Independent Watchdog Agency

June 16, 2009

Because of the recent failure of the banks and reports of consumer abuses from credit card companies, many have proposed that a new independent watchdog agency to monitor banks and credit cards be created. Recently, U.S. Senate Banking Chairman Christopher Dodd, D-Conn said that he support such a creation.

He had the following to say today: "If the financial crisis has proven one thing, it is that protecting the financial well-being of American consumers should be our first priority as we work to bring our financial regulatory structure into the 21st Century."

Dodd added that the Federal Reserve has failed for the past 14 years to protect consumers from predatory lending practices, which ultimately led to the financial collapse. This crisis was felt all over the United States and all over the world.

Such an independent organization would be designed specifically to provide consumers from a future meltdown and economic hardships. The idea was first proposed by the Obama administration, but it received harsh criticism. With Dodd’s endorsement, it is expected to move slowly forward.