WASHINGTON - October 23 - Continuing Americans for Democratic Action’s 62-year legacy of working towards protections for consumers, National Director Michael J. Wilson hailed the House Financial Services Committee for passing the Consumer Financial Protection Agency (CPFA). 

The failure of the nation’s regulatory institutions to protect consumers contributed to the worst financial crisis since the Great Depression.  The CPFA will assume the role of public watch dog.

“This is an important first step, but it is only a first step in righting the wrongs of the last decade,” said Wilson.

“Lack of oversight let unscrupulous Wall Street bankers plunder our financial and housing markets.  Their reckless greed cannot continue nor can we expect them to police themselves.

“Former ADA President and Chair of the Financial Services Committee, Barney Frank, has shown bold leadership taking on these giant special interests on behalf of consumers.  We applaud his efforts and look forward to getting this bill passed into law.”