Visclosky Votes for Consumer Protection, against Big Bank and Wall Street Recklessness

Press Release

After voting against the Big Bank Bailout in September 2008, Congressman Pete Visclosky today voted again to put the needs of Main Street and its consumers above the recklessness and greed of Wall Street giants. Joined by 236 fellow Members of Congress, Visclosky voted for the successful passage of H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"Families across Indiana's First District and across the country have lost their homes, jobs, and retirement savings since the economic collapse caused by irresponsible and reckless behavior of the biggest financial institutions in the country," Visclosky said. "The legislation passed today will rein in big banks, put an end to the idea of taxpayer bailouts of those banks when they fail, and create a consumer financial protection agency to protect and empower consumers."

The bill goes a long way toward preventing the dangerous practices that led to the financial meltdown. To prevent the creation of "too big to fail" banks and financial institutions, it creates a process to shut down large failing firms that pose a risk to the entire economy and provides for the costs of doing so through large financial firms, not through taxpayer dollars. While doing so, it ensures that small community banks and credit unions are not subject to undue regulatory burdens. The bill also creates an independent watchdog agency to ensure that bank loans, mortgages, and credit cards are fair and affordable for families and small businesses.

The costs of implementation of H.R. 4173 are compliant with PAYGO legislation and are more than fully offset. Indeed, the bill reduces the federal deficit by $3.2 billion over ten years. "At a time when keeping our national budget in check is as critical as ever so that we can maintain our focus on creating jobs and revitalizing the national economy, I am pleased that this legislation pays for itself," Visclosky added.

"This bill takes a giant step forward toward protecting consumers from the dangerous practices of large financial institutions that caused an economic meltdown across the country, but there remains a need for continued reform of our financial system and its regulation. I remain committed to ensuring that need is addressed."

Source