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Posts Tagged ‘cfpa’


Recently, a financial industry lobbyist said because Sen. Christopher Dodd (D-Conn.) is retiring, he is now free to “dance with the special interests that brought him to the dance in the first place. Us, his loyal donors in the banking community.”

Nearly 46,000 concerned Americans joined Public Citizen and our partners in saying, “No way!” Dodd is now free to do the right thing and hold the banksters accountable.

Americans for Financial Reform, Credo, Consumer Watchdog and the Center for Media and Democracy helped collect signatures. Together, we urged Dodd to keep up the fight for significant financial reform to rein in Wall Street and prevent another economic crisis. In particular, we called on Dodd to ensure there is a strong and independent Consumer Financial Protection Agency.

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In this recent Huffington Post article from Ryan Grim, Sen. Orrin Hatch (R-Utah) compares the creation of an independent Consumer Financial Protection Agency (CFPA) to the creation of the Environmental Protection Agency (EPA).

Apparently, conservatives like Hatch think that comparing the CFPA to the federal regulator charged with preventing big business from destroying the environment and exposing the public to toxic chemicals is a good argument against it. Seriously. Does anyone actually think we would be better off without an EPA, or if industries had MORE freedom to pollute?

While so many Americans struggle in today’s gloomy economy– in no small part as a result of the toxic banking products polluting our economic environment — it’s more important than ever to realize that what’s good for Wall Street’s bottom line isn’t necessarily what’s good for the rest of us. Just like we need an agency to keep mercury and lead out of our drinking water, we need one to keep exploding mortgages and predatory loans out of our communities.

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