Ellen Seidman Testifies Before Senate Banking

This morning, our own Ellen Seidman received the opportunity to testify in front of the Senate Banking Committee. The title of the hearing was "Consumer Protections in Financial Services: Past Problems, Future Solutions." Ellen appeared on a panel alongside Steve Bartlett, President and CEO of the Financial Services Roundtable and Professor Patricia A. McCoy, George J. & Helen M. England Professor of Law at the University of Connecticut School of Law.

The hearing was attended by Chairman Chris Dodd (D-CT), Ranking Member Richard Shelby (R-AL), and Senators Charles Schumer (D-NY), Daniel Akaka (D-HI), Jeff Merkley (D-OR) and Michael Bennet (D-CO). The Committee has been charged by President Obama with spearheading efforts at large-scale regulatory reform in the financial services sector. This hearing is one of what will likely be many aimed at furthering that goal.

Senator Dodd expressed a desire to reorient the structure of financial services regulation so that it built upon consumer protection. In her testimony, Ellen focused on a call for a single, well-funded authority to regulate consumer protection for all financial institutions. But why have me tell you what she said? You can read it for yourself, or better yet, watch the video.