Chamber’s New Anti-Dodd Blitz

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This morning, the radio airwaves here in Washington, DC, featured a new ad from lobbying behemoth the US Chamber of Commerce attacking Sen. Chris Dodd’s new financial reform bill, unveiled yesterday afternoon. The bill, the ad says, would add burdensome bureaucracy to financial regulation, and that we’d all be better off with a revamp of the system in place then creating new entities like a council of regulators and a consumer protection agency. The ad essentially echoes the Chamber’s public position on the Dodd bill—which is outright opposition. “This bill takes three steps backwards with the hope of making future progress,” said David Hirschmann, president and CEO of the Chamber’s Center for Capital Markets Competitivenes.

That the Chamber opposes Dodd’s bill is far from surprising. The organization, which has spent as much as $300,000 a day lobbying, fervently opposes many of the key reforms in the Dodd bill—it even started an entire website, StoptheCFPA.com, to fight plans to create a new Consumer Financial Protection Agency, an independent organization whose purpose would be to protect consumers against predatory lenders, unscrupulous credit and debit card practices, exorbitant rates charged by payday lenders, and more. The Chamber, however, has claimed that the CFPA would kill jobs and place undue burden on small business owners.

Today, the Chamber is holding a press conference on the Dodd bill at its Washington offices. We’ll be there, so check back for more later this afternoon.

 

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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