Despite the lack of Republican support, Senate Banking Committee Chairman Christopher Dodd has decided to move ahead with his legislation to revamp the nation’’s financial markets.
Dodd, a Democratic from Connecticut, announced his intention to meet with his committee to make some changes to the legislation – which includes the creation of the Consumer Financial Protection Agency that could impose laws that have a detrimental effect on the payday loan industry – before bringing it up for a vote.
“I”ve certainly been reaching out, and they know that, to try to develop a consensus bill,” said Dodd, according to Bloomberg. “My intention is to go forward. This is an area that demands our attention.”
While Dodd seems to have the support of other Democrats, the lack of Republican backing could be a fatal flaw when it comes before the Senate for a vote. The opposition by the GOP is being spearheaded by Senator Richard Shelby of Alabama, who is also the top ranking member of the party in the Senate Banking Committee.
Shelby has stated that while he doesn’t oppose means of consumer protection that are needed, the creation of the CFPA is “neither necessary nor wise,” according to his spokesman.
