Nader Excoriates Dodd For Lack of Fidelity on CFPA

Posted at Nader.org:

The Honorable Senator Christopher Dodd
Committee on Banking, Housing and Urban Affairs
448 Russell Building
Washington, DC 20510

Dear Senator Dodd:

On January 19, 2010, I wrote to you about news reports that you were considering dropping the proposal to create an independent and free-standing Consumer Financial Protection Agency (CFPA). In the last few days news reports indicate that you are advancing the notion that the CFPA should be housed within the Federal Reserve. The Federal Reserve is always a step short and a day late in protecting consumers. To house the CFPA within the Federal Reserve is to doom it to failure.

As I said in that letter,

Making this kind of deal with the Republicans and more conservative members of your own party will signal to consumers across the land that you, as chair of the Committee on Banking, Housing and Urban Affairs, have lost touch with Main-Street interests. It will show that the leaders of the Democratic Party care more about the high-rolling gamblers on Wall Street and the fat-cat bankers than the consumers, workers, taxpayers, and small investors who have been left with the costs of the financial meltdown caused by executives’ greed, speculation and crimes.

When you announced that you were not seeking re-election, many in the consumer movement thought that you would be free to push for meaningful financial re-regulation because you wouldn’t have to worry about re-election fundraising. Instead it looks like you are mistakenly thinking that a financial re-regulation bill, no matter how lacking, is better than no bill, and that you need to deliver such a bill for President Obama.

In fact, abandoning consumers on real financial re-regulation is likely to be more costly to President Obama and the Democratic Party than standing up to the banking and financial interests that have so damaged our economy.

The Consumer Financial Protection Agency should be independent with strong leadership, not part of some other existing bank-indentured financial regulatory agency. Consumers need an independent agency that will serve their interests without being captured by the financial wheelers and dealers who put gouging for short-term profit before the legitimate interests of consumers. These wheelers and dealers have been expert in capturing the so-called bank regulators in Washington, DC. You have previously pointed out their “abysmal failure.”

Senator Dodd, it is time for you to be a transforming leader and champion for many millions of consumers. You know how to articulate their case and focus public outrage on the recalcitrant members of your committee. Fight for the Consumer Financial Protection Agency – the people and consumer groups will support you.

Why not convene a representative group of them, including aggrieved individuals, at a news conference to demonstrate your determination to reach out to the people of our country?

In addition to the a news conference you should do two additional things:

1. Invite Senators Shelby and Corker to barnstorm with you in Alabama and Tennessee respectively and see whether the citizens of those states support a strong and independent Consumer Financial Protection Agency.

2. Introduce legislation to create a Financial Consumers’ Association, supported by membership dues and controlled by its members who would elect a board of directors that could hire researchers, organizers, accountants and lawyers. A Financial Consumers’ Associations would augment the work of the CFPA by:

1. Representing consumer interests before regulatory agencies, legislative bodies, and the courts, and in negotiations with financial service providers;

2. Advocating policies before regulatory bodies that will ensure reasonable access to credit for all consumers;

3. Evaluating the performance of mortgage lenders and monitor the availability of financial services to less affluent and minority borrowers; and

4. Providing policymakers, consumers, workers, shareholders, taxpayers and the news media with timely information on the effects of financial industry and government initiatives.

A Financial Consumers’ Association would enhance the influence of consumers in the policy-making process and empower citizens by educating them, uniting them, and giving them a meaningful voice in directly shaping financial institutions’ consumer policies.

Senator Dodd, stand up to the banking interests and the anti-consumer Senators who want to derail the CFPA. Challenge your fellow Senators to cast a vote for or against a strong, independent CFPA. The voters deserve to know who represents their interests.

Sincerely,

Ralph Nader

10 thoughts on “Nader Excoriates Dodd For Lack of Fidelity on CFPA

  1. Green Party fan

    Paulie,

    Thanks for the excellent Green Party post about the Green Party’s Ralph Nader.

    Nader wasted no time on this…rapid response…

    quick Green Party trigger…

    good stuff..

  2. paulie Post author

    Green Party post about the Green Party’s Ralph Nader.

    Nader is a life long independent, including the times the Greens endorsed him.

    His two most recent races have been as an independent, with the Greens running competing candidates.

    If he runs again, it will be as an independent, not as a Green.

  3. Dennis

    Yeah, Nader is an independent.

    He has run with the Green Party AND the Reform Party.

  4. DR BAD

    Hey Paulie, You need to go look up some of those big words you like to use.
    you admited you are a tax evading draft dodger.
    you say you are both a libritarian as well as an anarchhist? to be part of any party you had to sign up to vote. so is it you vote but do not sign up for selective service?
    now, go look up the word anarchist.
    you idiot.
    and you were born in russia?
    shut up and go away paulie.
    bwt:Good Job Ralph

  5. DR BAD

    in another conversation, paulie made these statements. your name is not paulie.
    in america you need to sign up to vote. inamerica you need to regester with Selective Service when you turn 18. paulie calls it “Selective Slavery”.
    and i see lots of “rats”, repiglicans now calling them selves Independents. Like Jew Leiberman.
    pauli said he was born in russia. an “anarchist”
    so we have an admited tax evading ,draft dodging anarchist here, born in russia?
    paulie wanna “Cracker” ? :))
    Sorry to mess up your blog Ralph
    you Rock.

  6. Straight ..........

    duplicitous central [LP Sandy Ego]!

    And if you try to work with them,
    even as registered with another group,
    they will hit you up for yearly or life
    time contribution[s].

    It is as if they are on commission from
    the [not so] Reverend Moon Yat Soon!
    Next: robed LP monks selling flowers at
    the air port ????????

    I assembled, at the request of Edward
    Tesseiler (sp) and Mister San Deigo County
    Libertarian Richard ‘Sand Paper’ Rider a
    series of CALVETS /CDVA as rotten governance articles.

    May be one was printed. I did not get a print
    copy, as we OFTEN did with the Deform Party /Reform Party news letter.

    I was then told to purchase an issue, containing MY volunteered article. I did. No news letter. I was then urged to chip in $25 to get future news letters, which may or may not have my article[s]

    The LP, known far and wide as disaffected, slightly weirdo White Males not remotely connected to the average American and SOME WHAT on the dishonest, cheap side! SOME WHAT!

    REference: Was it a rat I saw? // Mar 5, 2010 :
    [Lake: was it selling flowers ?????????]

    “Heh! I didn’t know I had to sign up to vote to join a party.
    Nothing about that here:
    https://www.lp.org/membership

  7. Straight ..........

    to universal constitutional rights!

    DR BAD // Mar 5, 2010:
    “you admitted (that) you are a tax evading draft dodger. you idiot. and you were born in russia?
    shut up and go away paulie.”

    Lake: only if the paulster is here illegally! If he is a bona fide citizen, then he has a RIGHT to his beliefs. Ya know, kinda like that tax evading draft dodger Olympic gold medal winner from Louisville [Kentucky]!

    How ever, if you are not popular,
    say with Third Party Watch,
    you need to learn the informal rules!

    Wanna be recognized ??????? Stand up!

    Wanna be heard ???????? Speak up!

    Wanna be loved ??????? Shut up!

  8. DR BAD

    hey you pile of trash, Ever hear of free speech?
    I tire of your cowardly gas bags using words you do not even understand. AS you hide nice and safe. I do not want or need a damn thing.
    here is another pile of web trash sticking its nose in my conversation to some one else.
    go look up the word “Independent”.
    notice paulie has nothing to say, punk.
    Take care Ralph. They will die stupid.

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