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Financial Reform

Blog Post
4/2/2010
Posted by Consumer Watchdog
A House staffer whose job included drafting new rules for regulating derivatives (like the credit default swaps that sunk AIG) just left the House to go lobby for, drumroll please, a derivatives clearinghouse.

 But Peter Roberson, who worked on the financial reform package for Barney Frank’s Financial Services Committee, just...
Blog Post
3/26/2010
Posted by Consumer Watchdog
Pay to play policymaking is rarely spelled out as clearly in public as it was in a just-released fundraising email sent to financial industry lobbyists on behalf of Senator Corker, a key Republican negotiator on finanicial reform. As reported in Politico: Sen. Bob Corker’s reelection campaign offered donors a chance to have a meal with the...
Blog Post
3/23/2010
Posted by Consumer Watchdog
Last night, in a surreal process that from gavel to gavel took less than 25 minutes, the Senate Banking committee approved Chairman Dodd’s financial reform legislation on a party-line vote. 18 months after Wall Street speculation and greed caused the near-collapse of the nation’s economy and the taxpayer bailout of the nation’s...
Blog Post
3/19/2010
Posted by Consumer Watchdog
Check out this hilarious and too-truthful Huffington Post from Heather Booth, director of Americans for Financial Reform, the coalition of public interest groups working to enact real Wall Street reform, on this week's Capitol Hill visit from the American Bankers' Association. It will make you laugh, curse, and maybe vomit a little. A taste:...
News Story
3/19/2010
Posted by Consumer Watchdog
The question of where to house a proposed new consumer protection agency has garnered at least as much attention as whether there is a genuine need for such an agency.   The latter point seems almost moot to many, especially those who fall under the broad category of consumer advocate.   Exhibit A in their argument for a more focused...
News Story
3/17/2010
Posted by Consumer Watchdog
(Photo: SEIU International; Edited: Jared Rodriguez / t r u t h o u t) The political jousting since Sen. Chris Dodd proposed new financial reforms on Monday seems at first to be just another Washington ideological rift: liberals favoring regulating an industry, and Big Business and Republicans opposing it. With the Chamber of Commerce willing to...
News Release
3/16/2010
Posted by Consumer Watchdog
Washington, D.C. -- Consumer Watchdog’s Washington Director, Carmen Balber, made the following comments on consumer protection in financial reform legislation proposed by Senate Banking Committee Chairman Chris Dodd:   “Legislation released by Chairman Dodd on consumer financial protection would hamstring a new consumer regulator...
News Story
3/16/2010
Posted by Consumer Watchdog
When in doubt, conduct a study. That, in short, is the regimen prescribed by both the House and the Senate bills proposing a regulatory overhaul of the banking and financial industries. Rather than immediately putting in place regulatory fixes for some of the problems that contributed to the financial crisis, the two bills each call for dozens...
News Story
3/2/2010
Posted by Consumer Watchdog
The Senate might break its impasse on financial overhaul if it moves forward with a proposal that would put a consumer financial protection watchdog inside the Federal Reserve. But such a move could water down the impact of a such a consumer watchdog, especially when compared to the stand-alone agency first proposed by President Obama. It would...
News Story
3/2/2010
Posted by Consumer Watchdog
One of the nation's top banking regulators reiterated her support for an independent agency to protect borrowers from predatory lenders, putting her at odds with her fellow regulators and the industry she oversees. "Consumer abuses were one of the root causes of the financial crisis and regulatory reform legislation should address this...