Dodd Watch: Will He Abandon The CFPA?

Speculation continues about what will happen to the pending legislation promoted by retiring and now lame duck senator Chris Dodd. That legislation, of course, includes the creation of a new Consumer Financial Protection Agency (“CFPA”) and a whole host of bureaucratic additions to the federal government. You can read more about that from us by clicking here and here. The Wall Street Journal is now reporting that, in order to get something passed this year, Senator Dodd may jettison the CFPA as an independent agency, favoring instead a new body within an existing agency like the Treasury Department. If true, this proposal is a far cry from what the White House originally contemplated. We’ll keep you posted. Read more from the Journal article here.