Blumenthal Argues For Keeping Consumer Protections Provision In Financial Reform Bill

Connecticut’s Attorney General Richard Blumenthal has joined the fight to keep consumer protection provisions in the financial regulation reform bill. WNPR’s Harriet Jones reports.

 

The senate is still debating amendments to the massive reform bill that aims to overhaul financial regulation. One of the biggest points of contention between the Democrats and Republicans is the creation of a new consumer protection agency for financial products. Deputy Director of the National Economic Council, Diana Farrell.

 

"We’re concerned about some of the amendments that are being suggested, put on the floor, that would take away the states’ ability to supplement those federal consumer protections."

 

Attorney General Blumenthal says he’s supporting efforts to preserve consumer protections in the federal bill, along with a strong role for the states.

 

"In our pursuit of subprime predatory practices relating to Countrywide and Ameriquest and household finance, clearly the important role of the states in protecting consumers where the federal government failed to act was illustrated very dramatically."

 

The bill is expected to win approval in the full senate as early as next week.

 

For WNPR, I'm Harriet Jones.