Civil Rights Community Applauds Sen. Dodd???s Efforts to Protect American Consumers

“Today, the Leadership Conference on Civil Rights (LCCR) commends Senate Banking Chairman Christopher Dodd (D-CT) for his leadership in unveiling draft legislation that would dramatically reform the risky financial industry tactics that lie at the root of the nation’s housing and financial crisis.

One of the most important features of the bill is that it will move the responsibility for enforcing most consumer protection laws – such as the Equal Credit Opportunity Act and the Community Reinvestment Act – into an agency whose sole mission is to protect consumers. 

Given the abysmal failure of the existing financial regulators to enforce those laws and to protect the communities that we represent, The Leadership Conference strongly believes that the only option is to create a new regulator that will. 

The civil rights community appreciates Sen. Dodd’s efforts on this important legislation, and we look forward to working with him and House Financial Services Chairman Barney Frank (D-MA) to ensure that these reforms are enacted.”