Congresswoman Chellie Pingree Welcomes Signing of Wall Street Reform Law

Press Release

Urges President to appoint Elizabeth Warren to run new consumer protection agency

Congresswoman Chellie Pingree said the Wall Street reform bill President Obama signed into law today is the most significant reform of our nation's financial sector since the Great Depression.

"This is strong reform that will hold the big banks accountable and prevent the reckless behavior that caused the economy to collapse and cost 8 million American jobs," Pingree said.

The bill creates a strong Consumer Financial Protection Bureau (CFPB), an independent watchdog agency whose sole mission is to protect consumers and regulate big banks and credit card companies.

"We need an agency that requires credit card companies and banks to explain their terms in plain language that everyone can understand and do away with the fine print and hidden fees," Pingree said. "We have agencies that make sure our food and kitchen appliances are safe, it's time we do the same for financial products."

Now that the President has signed the bill that will create the CFPB into law, Pingree urged him to appoint Elizabeth Warren to head the new agency. Warren has been a strong advocate for Wall Street reform that protects consumers.

"Elizabeth Warren is the driving force behind the creation of this new agency and I can't think of anyone better suited to run it," Pingree said. "She is a vocal advocate for protecting consumers from the confusing and misleading practices of big banks and credit card companies and has been an advocate for middle class families for decades."

Some Administration officials have expressed concern that large financial services companies might be uncomfortable with Warren as the head of the new CFPB. Pingree disagrees: "If the big banks are uncomfortable with her watching over them, in my book, that's the best reason for giving her the job," Pingree said.

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