Republicans have blocked the financial reform bill from reaching the Senate floor. On Monday, Democrats fell three votes short of the sixty needed to bring the measure up for debate. Another vote is expected later in the week as talks continue on reaching a bipartisan deal. Before the vote, the bill’s lead sponsor, Democratic Senator Christopher Dodd of Connecticut, touted the proposed consumer protection agency.
Sen. Christopher Dodd: “Where do you go to get a recall on a faulty mortgage or a credit card deal that’s corrupt or fraudulent or deceptive or abusive? Why shouldn’t we deal with financial products that can bring you to financial ruin, if we can’t address that, and yet you can do it with a toaster, a TV or an automobile? Our bill sets up a consumer financial product safety commission, bureau, division, that we’ve established in this bill, so that consumers themselves can have someplace to go to get redress. Rules can be written to protect them against abusive practices.”
A new Washington Post-ABC News poll, meanwhile, shows two-thirds of Americans support a financial overhaul that would restrict the activities of banks and other major financial firms.