Senator Christopher J. Dodd (D-CT), chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs and co-author of the Dodd-Frank Wall Street Reform and Consumer Protection Act, discussed the purposes of the landmark legislation and its likely impact on the financial markets. He also predicted that President Obama would nominate a permanent director for the Consumer Financial Protection Agency created by the act soon after the mid-term elections.
Excerpts from Event
“. . .what we tried to do is end ‘too big to fail,’ apply transparency to the more exotic instruments, create a Consumer Protection Bureau that would give consumers of financial services a degree of confidence, and set up, sort of, an early radar system so that we could point out not only product lines but also institutions that would pose great systemic risk to the system. . . .I’d be a fool to suggest in front of you this evening that we’ve written a perfect bill or that it’s going to work as well as all of us would like it to. Only time will tell. But I think we did the right thing by trying to put this together.” ~ Senator Christopher J. Dodd (D-CT), Chairman, U.S. Senate Committee on Banking, Housing and Urban Affairs; co-author of the Dodd-Frank Wall Street Reform and Consumer Protection Act