I was on the road and essentially off-line all day yesterday, so forgive me for being late to comment on Senator Chris Dodd’s newest and most bizarre proposal for some kind of consumer financial protection agency.
In his third bid in as many days to win over a few token Republicans, the Senate Banking chairman is now proposing to create an enfeebled new consumer regulator inside the Federal Reserve.
Say what???? This is the same Chris Dodd who, four months ago, accused the Fed of being “an abysmal failure” as a regulator and unveiled a bill that would have stripped it of virtually all its supervisory powers.
"Over the last number of years when [the Fed] took on consumer-protection responsibility and regulation of bank holding companies, it was an abysmal failure," Dodd declared at a press conference in November 9.