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Lawmakers attack Fed’s expanded role
Question of the Day
Committee Chairman Christopher J. Dodd, Connecticut Democrat, called the creation of the consumer protection agency “simple common sense.”
“We don’t allow toy companies to sell toys that could hurt our kids,” he said. “Why should an unscrupulous lender be allowed to dupe a borrower into a loan the lender knows can’t be repaid?”
Mr. Dodd lashed out at the financial industry for its criticism of the proposed consumer protection agency.
“The idea that you’re going to, first of all, attack the very clients and customer who depend upon you everyday is not the place to begin,” he said.
It’s uncertain how soon Congress will move on Mr. Obama’s plan, as lawmakers face a crowded agenda topped by health care reform, energy policy and the Senate confirmation hearings for Supreme Court nominee Sonia Sotomayor.
About the Author
Sean Lengell covers Congress and national politics and can be reached at firstname.lastname@example.org.
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