Sunday, February 28, 2010

Chris Dodd Rolls Over and Plays Dead on CFPA
When danger reared its ugly head, he bravely turned his tail and fled

Banking Committee Chairman Chris Dodd talks a tough talk, but when the going gets tough, Dodd gets all Sir Robin on us. The current scuttlebutt is that virtually all of the important safeguards in the bill to create a strong Consumer Financial Protection Agency have been taken out of the most recent version of the bill. No independence, no enforcement, huge swaths of transactions where the agency has no authority. Just like the healthcare bill, eventually the bill just gets bad enough that it's not worth supporting at all.

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