Congresswoman Shelley Berkley today voted to pass a final package of reforms that will crack down on reckless Wall Street practices and protect consumers in Nevada and nationwide. The House approved The Wall Street Reform and Consumer Protection Act (H.R. 4173) on a vote of 237 to 192.
"The predatory, greedy and irresponsible actions by some large institutions in the financial markets were a major cause of the worst financial crisis to hit Nevada and the nation since the days of the Great Depression. That is why we are putting these common-sense rules in place to police Wall Street and the big banks and to prevent them from placing the savings of Nevada families at risk through predatory lending and reckless investment strategies. This legislation also includes the creation of a consumer protection agency with real teeth and other reforms that will hold Wall Street and the big banks accountable, end future bailouts and create true transparency," said Berkley. "The time is now to rein in financial firms that are 'too big to fail' before they again threaten America's economic future."
The Wall Street Reform and Consumer Protection Act will stop large financial firms from risking retirement and college savings and home values and will help prevent those risky financial practices that led to the financial meltdown. The bill establishes a process for shuttering large, failing firms whose collapse would put the entire economy at risk. After exhausting all company assets, additional costs would be covered by a "dissolution fund" paid for with contributions from large financial firms.
"Our bill creates a watchdog with real teeth whose job will be protecting consumers in Nevada and across the nation from unfair financial practices. This independent bureau will provide accurate information to families and small businesses so they can ensure that bank loans, mortgages, and credit cards are fair and rates are affordable," said Berkley, praising the bill's creation of a new Consumer Financial Protection Bureau (CFPB).
Berkley voted in favor of House Wall Street reform legislation in December 2009. The House package was then combined with legislation approved by the U.S. Senate. The House approval of the Conference report this evening now sends the reform bill back to the Senate for final approval.
The legislation has been endorsed by the AARP, Consumer Federation of America, Consumers Union, Council of Institutional Investors, National Fair Housing Alliance, National Restaurant Association, SEIU, among other organizations.