Washington, D.C.—Senator John D. (Jay) Rockefeller IV, Chairman of the Senate Commerce, Science and Transportation Committee, applauded President Obama’s new financial regulation plan that will protect consumers by imposing stricter government oversight of the financial services system.

 

“In the Senate Commerce Committee, I held my very first hearing as Chairman on consumer protections from mortgage fraud and I will never stop fighting for needed safeguards for all families. The Federal Trade Commission (FTC) must have the ability to aggressively pursue fraud and crack down on predatory lenders. We are long overdue for more aggressive efforts that educate and protect consumers from predators that take advantage of gaps in our system.  As the President said so well in his speech, these aren’t just numbers on a chart, these are people’s lives affected—a senior deciding when to retire, a child receiving an education, or a family’s ability to pay their bills.”

 

Senator Rockefeller has been a longtime fighter for increased consumer protections. As Chairman of the Senate Commerce Committee, in the first half of this year alone, he chaired hearings on consumer protection, the credit crisis, mortgage fraud, and health insurance fraud. He continues to fight for stronger regulations that protect consumers over corporations.

 

 

In the President’s speech, he said that agencies like the FTC must have increased resources to crack down on fraud and improve consumer protections. He also called for a new agency, one that would be charged with looking out for ordinary consumers.

 

The President’s plan will:

 

 

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