Citi's Pandit supports strong consumer protection

[laughingliberal]

WASHINGTON/NEW YORK (Reuters) – Citigroup Inc (C.N) Chief Executive Vikram Pandit said he supports an "enhanced" federal consumer protection authority because problems for consumers can affect the entire financial system.
In prepared testimony for delivery to a bailout watchdog panel in Congress on Thursday morning, Pandit said consumer protection should include uniform standards for all market participants and be linked to a safety and soundness regulator.
But Pandit steered clear of an intense debate in Congress over whether a new consumer financial protection regulator should be a stand-alone agency or placed within an existing regulator, such as the Federal Reserve.
Pandit said "a number of frameworks could work to strengthen consumer protection" as long as the chosen entity has "enhanced authority" to shield consumers from financial abuses. <snip>

http://news.yahoo.com/s/nm/20100304/bs_nm/us_citigroup_pandit

Also in the article Pandit voiced support for President Obama's goal of scaling back the ability of banks to trade with their own money. Interesting. Are we sure he's the real CEO for Citi?

[catnhatnh]

1. Anybody remember...

When all the healthcare CEO's were publicly supporting healthcare reform while shoveling millions out the back door on media buys to oppose it???

[laughingliberal]

2. I was wondering about that

It occurred to me this could just be PR while their lobbyists work behind the scenes to defeat reform. It was noteworthy, though, as he seems to be the only one in his class of CEO's of financial institutions who is taking this approach.