Senator Dodd Named Banking and Finance Chair
SACRAMENTO, CA – Senator Bill Dodd (D-Napa) has been named as chairman of the Senate Banking and Financial Institutions Committee by Senate President pro Tem Kevin de León. Senator Dodd assumed office representing California's third Senate district earlier this month.
“It’s an honor and a privilege to chair the Committee on Banking and Financial Institutions. As chair, I will focus on building strong consumer protections, while ensuring the economic vitality of California,” said Senator Dodd. “I would like to thank Senator de León for appointing me to key committee assignments that represent crucial policy areas for our district and for our entire state."
Dodd's committee could help California serve as a counterpoint to inaction or rollbacks of consumer financial protections at the federal level. Senator Dodd has already shown leadership on banking and consumer protection issues, recently introducing a bill in response to the recent Wells Fargo fake account scandal. Dodd’s bill would help victims of fraud by eliminating the use of forced arbitration clauses in contracts that were fraudulently created. Such contracts prevent consumers from having their day in court to recover damages.
“It’s unacceptable for consumers to be blocked from our public courts to recover damages for fraud and identity theft. Allowing victims their day in court not only allows them to recover, it can prevent more victims by putting an end illegal business practices,” said Senator Bill Dodd. “With quick federal action on this issue unlikely, it’s critical that California lead the nation to prevent these abuses.”
The President pro Tem of the Senate appoints Senators to committees at the start of each two-year session. Senator Dodd was also appointed to serve as a member of the Senate Committees on Agriculture, Veterans Affairs, Governmental Organization, and Business, Professions and Economic Development.