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In this July 21, 2010 file photo, President Barack Obama, left, stands with Sen. Chris Dodd, D-Conn., second left, Rep. Barney Frank, D-Mass., second right, and Rep. Steny Hoyer, D-Md., after he signed the Dodd-Frank Wall Street Reform and Consumer Protection financial reform bill in Washington.
President Obama congratulates Senator Christopher Dodd and Rep. Barney Frank after signing the Dodd-Frank Wall Street Reform and Consumer Protection Act in Washington, July 21, 2010. he Senate on Wednesday passed a bill that would roll back parts of Dodd-Frank.
Former Rep. Barney Frank pushed back Saturday on the White House's assertion that President Donald Trump has the authority to appoint an interim director of the Consumer Financial Protection Bureau, saying the independence of watchdog agency was a key consideration when Congress passed the law to create it in 2010. "We gave a lot of attention to how to structure the CFPB and how to protect its independence, because its job is to go after some very powerful forces in the economy," the Massachusetts Democrat, who authored the law with then-Connecticut Democratic Sen. Chris Dodd, told CNN in an interview.
Then-Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., right, and then-House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., speak May 21, 2010, to reporters outside the White House in Washington after their meeting with President Barack Obama. House Republicans are targeting the financial regulations established by a Democratic-led Congress after the Great Recession.