Connecticut Attorney General's Office

Press Release

Attorney General Urges President Obama To Stand Ground On Independent Consumer Financial Protection Agency

February 25, 2010

         “President Obama has provided powerful leadership by proposing and battling for a consumer financial protection agency to shield consumers from abusive credit cards, loans and other financial products.

“I strongly support the President’s effort and am therefore concerned by reports that administration officials may be compromising on the independence of a consumer financial protection agency as a central element of reform.  If true, I urge the administration to reconsider and continue fighting for a standalone watchdog to protect consumers from Wall Street’s tricks and traps.

“Subordinating a consumer financial protection agency to banking regulators undeniably dilutes its power and diminishes its independence.

When forced to choose, banking regulators invariably favor banks over consumers in the name of safety and soundness, banking agencies put banks first -- undermining consumer protection and allowing abusive practices to survive and spread.

“To be truly effective, a consumer financial protection agency must have free rein and responsibility to act in the public interest, demanding transparency and fairness from banks. I will continue fighting for an independent consumer financial protection agency, which is vital to protecting consumers and reviving out economy.”