FOR IMMEDIATE RELEASE CONTACT: Doug Gordon
DATE: Friday, January 15, 2010

AFR Urges Chairman Dodd Not To Dump Cornerstone of Reform: Consumer Financial Protection Agency
If Big Banks Win, Consumers Will Lose

Washington, D.C. – Americans for Financial Reform released the following statement today following news reports that Chairman Dodd is considering dropping the Consumer Financial Protection Agency:

Heather Booth, Director, Americans for Financial Reform: “News reports that Chairman Dodd is considering dropping the cornerstone of meaningful financial reform, the Consumer Financial Protection Agency, are very troubling. The CFPA is an essential part of reform and the best way to protect consumers from the reckless behavior of the big banks that led to the financial crisis and recession.

We urge Chairman Dodd not to cave to the Big Banks and their army of lobbyists who have made killing the CFPA one of their top priorities. If the Big Banks win, the consumers will lose.

The CFPA will protect working families and small businesses by reining in the greedy, reckless behavior of big banks on Wall Street that cost millions of jobs. Americans for Financial Reform, and out 200 coalition members, will be working hard to make sure Chairman Dodd and the Big Banks do not succeed in stripping out this critical piece of Financial Reform.”