Frank backs Dodd on financial consumer watchdog

WASHINGTON (Reuters) - A senior U.S. lawmaker on Tuesday expressed support for Senate Banking Committee Chairman Christopher Dodd's commitment to pursue a proposal to establish an independent financial consumer watchdog agency.

"I welcome Senator Dodd's intention to fight to preserve an independent consumer agency," said House Financial Services Committee Chairman Barney Frank, adding that past consumer protection failures helped cause the financial crisis.

"Those who cite safety and soundness as a major reason to oppose increased consumer protection have it exactly backwards. In fact, the inability to protect consumers from abuse was a major cause of the financial crisis from which we are just emerging," Frank said.

(Reporting by Kevin Drawbaugh; Editing by Leslie Adler)