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Corker: Forget the Consumer Financial Protection Agency

Bad news for consumer advocates who experienced a flutter of hope this week when Sen. Chris Dodd (D-Conn.) swapped Sen. Richard Shelby (R-Ala.) -- an opponent

Jul 31, 2020
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Bad news for consumer advocates who experienced a flutter of hope this week when Sen. Chris Dodd (D-Conn.) swappedSen. Richard Shelby (R-Ala.) — an opponent of creating a consumer financial protection agency— for Sen. Bob Corker (R-Tenn.) at the finance reform negotiation table: Corker today toldBloomberg News that he won’t support a CFPA — in any form.
“What you don’t want to have in my opinion is a consumer protection agency that’s free standing,” Corker said. “Nor do you want one that is inside another entity but acts as if it’s freestanding.”
What does that leave? Corker said he was looking at ways to carve out a consumer protection unit within the new bank regulator proposed by Dodd, Bloomberg reports.
Add the CFPA to the long list of “things Democrats want that they won’t get.”
Dexter Cooke

Dexter Cooke

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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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