Protecting Consumers and Taxpayers

Statement

This week, the House of Representatives passed the bipartisan Wall Street Reform and Consumer Protection Act conference report. The Act restores and strengthens regulatory oversight of our financial services sector and protects consumers and taxpayers from Wall Street's excesses.The legislation would:

* Establish a new independent watchdog agency with the authority to:

* ensure American consumers get clear, accurate information they need to shop for mortgages, credit cards, student loans, and other financial products, and

* protect consumers from hidden fees, abusive terms, unfair and deceptive practices.

* Reform mortgage lending to eliminate many of the hidden fees and abusive practices that resulted in loans that could be repayed, and that resulted in record foreclosures.

* Reform debit card transaction fees, potentially saving American small businesses billions of dollars each year.

The Wall Street Reform and Consumer Protection Act sets the stage for regulatory protection for consumers and taxpayers. After years of Republican led deregulation, our economy lost 8 million jobs and $17 trillion in retirement savings and net worth. This legislation is a step forward in reining in the many of the egregious practices and loopholes that nearly brought the world economy to its knees. I remain hopeful that my Senate colleagues will act on this bipartisan piece of legislation and send it to the President for his signature.

Click here for a detailed list of the bill provisions.

Sincerely,
Zoe

Source