Dodd Vows More Consumer Legislation

American Banker P. 3
October 15, 2008

Despite opposition from the banking industry, Senate Banking Committee Chairman Chris Dodd (D-Conn.) is expected to add consumer protection provisions to an economic stimulus bill slated for consideration following the November election. The initiatives would institute a 90-day moratorium on foreclosures, reform the bankruptcy process with regard to home loans, ban predatory lending, and introduce tougher credit card regulations.

Dodd expressed support for the Treasury Department's plan to give financial institutions a capital infusion, but he said the Bush administration was not going far enough to shield Americans from foreclosure or to offer relief for consumers. According to the legislator, "Any effort to talk about the American financial system without also addressing the American consumeris lopsided and not going to work."