ADA Applauds Passage of the Consumer Financial Protection Agency Out of Committee

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."