Sen. Chris Dodd (D-Conn.) on Monday unveiled a sweeping financial regulatory reform bill designed to prevent future Wall Street bailouts and to protect borrowers with a Consumer Financial Protection Bureau housed at the Federal Reserve.
During a press conference at the Capitol, the chairman of the Senate Banking Committee emphasized the need for consumer protection, adding that the financial crisis and resulting recession were caused by predatory lending.
"The root cause of our economic crisis was a lack of consumer protection," Dodd said, emphasizing that the current regulatory structure is "hopelessly inadequate."
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Dodd Financial Reform Proposal (March 2010 Update) -
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