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The ‘Down With Dodd-Frank’ Routine

 April 6, 2011  

The ‘Down With Dodd-Frank’ Routine

Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division

It’s now a routine: Every Wednesday, it’s “Down With Dodd-Frank” day on the Hill. For the third Wednesday in a row, Republicans in control of the U.S. House of Representatives Financial Services Committee have held a hearing legislation that threatens to stall or reverse the reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Today, the Subcommittee on Financial Institutions and Consumer Credit, chaired by Rep. Shelley Moore Capito (R-W.Va.), held a hearing principally focused on the consumer protection features of Dodd-Frank and measures to strip key provisions.

If Dodd-Frank is weakened, the loser, of course, is the American public, which is still mired in an abyss of unemployment, foreclosures and a grim economic future. We need an effective consumer agency to prevent Wall Street rip-offs from odious financial products taking billions of dollars from Main Street to line the pockets of corporate CEOs.

Public Citizen is a national, nonprofit consumer advocacy organization based in Washington, D.C. For more information, please visit www.citizen.org.