Consumers could win big if Dodd's financial reform package becomes law


Senate Banking Committee Chairman Chris Dodd unveiled his financial reform package on Tuesday and consumers could win big if the bill becomes law. Dodd proposes a strong Consumer Financial Protection Agency whose sole job will be to protect American consumers from fraud and abuse. He wants to be sure people get the clear information they need on loans and other financial products from credit card companies, mortgage brokers, banks and others.

Dodd introduced the bill along with fellow committee members Jack Reed, Charles Schumer, Robert Menendez, Daniel Akaka, Jon Tester, Mark Warner, Jeff Merkley and Michael Bennet -- all Democrats, so at least it looks as though this may be a partisan effort, but the issue is so important I hope it can become a bipartisan bill.