In an interview with The Daily Caller, former Democratic Sen. Chris Dodd predicted the financial regulation bill he worked to pass as chairman of the Senate Banking Committee will not be repealed this year or next.
Dodd said Bank of America deciding not to pursue a monthly debit card fee means the law is “working” and “consumers rule.” (RELATED: Star Wars’ Carrie Fisher: Ted Kennedy asked if I would have sex with Chris Dodd)
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On GOP efforts to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, the former senator from Connecticut was not worried.
“I think it’s campaign season. And I worked hard to pass the bill, with a lot of other people, a lot of Republicans involved in that bill as well. … Look, I’ve got a new job, a new gig. I did my best to put that bill together with Republican support,” Dodd, who now serves as chairman and CEO of the Motion Picture Association of America (MPAA), told the Daily Caller Tuesday night at the premiere of Clint Eastwood’s new film “J. Edgar.”
“Let’s see what happens, it’s not going to be repealed this year or probably next year. … I don’t think anyone wants to go back to the fall of ’08 when we didn’t have capital standards, and liquidity standards, and shadow banking, a lot of other things. I didn’t write a perfect bill — far from it — and there will be changes to it, and probably should be in time as people examine it.”
TheDC also asked Dodd about banks like Bank of America proposing monthly debit card fees. “Didn’t work though, did it?” Dodd said. “They had to get rid of that policy already. Good competition. Consumers rule. So, it’s working.”