Dodd Decision A Surprise To Reformers

[caption id="attachment_2121" align="alignleft" width="260" caption="Dodd steps up"][/caption]

Senate Banking Committee Chairman Christopher Dodd’s decision to break off negotiations with Republicans and go it alone on financial regulatory reform legislation came as a shock to some reformers.

“To be honest, a lot of us were surprised,” said one consumer advocate closely involved in financial reform efforts. “It seemed like a deal of some sort was imminent and on track.”

The advocate noted that Dodd’s decision was likely influenced by the outcry from progressives and other pro-reform groups who argued that Dodd, a Connecticut Democrat not seeking reelection this year, was giving Republicans and Wall Street-friendly Democrats too much sway over the legislation. Dodd’s original reform proposal in November had called for a strong, independent consumer-focused agency to protect borrowers from predatory lenders.

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Dodd Decision A Surprise To Reformers.