Connecticut Senator Christopher Dodd is a busy man. Between sessions of wining and dining with lobbyists for the online payday lending industry, retiring the debt from last year's failed presidential campaign, and distancing himself as far as possible from former friend Angelo Mozilo of Countrywide, he's found time to propose a new Consumer Finance Protection Agency:
"If the financial crisis has proven one thing, it is that protecting the financial well-being of American consumers should be our first priority as we work to bring our financial regulatory structure into the 21st Century," Dodd said. "I am committed to making this agency the centerpiece of my efforts as I work with President Obama and my colleagues to rebuild our financial architecture from the bottom up."
Dodd said he believes a new consumer protection agency should assume the Federal Reserve's current rule-making powers on consumer protection, saying the Fed "failed for over 14 years to put an end to the predatory mortgage lending practices that led to the financial crisis."
Of course, as ranking member or chairman of the Senate Banking Committee, Dodd would say he bears no blame for the financial crisis. The problem lies with the Federal Reserve, which failed to enforce all of the legislation that Dodd didn't pass.
I wonder what Ned Lamont's doing these days?