Congresswoman Dina Titus of Nevada's Third District voted today in support of sweeping financial reform that reigns in Wall Street banks, puts an end to predatory lending that exacerbated the foreclosure crisis in Nevada, and prevents any future taxpayer bailouts. The conference report for the Wall Street Reform and Consumer Protection Act passed the House by a vote of 237 to 192.
"Almost two years after the unbridled greed of Wall Street banks led to the near collapse of the country's financial system, the House has taken its final step toward sweeping commonsense reforms that will protect Nevada consumers from predatory lending and reign in Wall Street banks and their obscene bonuses. With these critical reforms, we are fighting back against Wall Street and standing up for hard-working Nevadans who have lost their financial security during the recession. Nevadans have paid a steep price for the lack of regulation and oversight of Wall Street banks. With the consumer protections in this bill, Nevadans will be empowered to make the best decisions for their financial future."
The Wall Street reform legislation puts an end to taxpayer-funded bailouts by establishing a process to dissolve large failing financial institutions in a way that does not wreak havoc on the whole economy. Any costs incurred in unwinding these financial institutions will be borne by Wall Street firms and big banks, not taxpayers. The bill also protects consumers from the type of predatory lending that helped create the foreclosure crisis in Nevada. The reform legislation includes a provision championed by Titus that regulates the reverse mortgage industry that attempts to prey on seniors.
"I am pleased that the Wall Street reform legislation includes an important provision I have been fighting for that regulates reverse mortgages so our nation's seniors are not exposed to unfair and deceptive practices," Titus added. "This effort will help ensure that seniors in their golden years do not lose their home and equity they have built up through a lifetime of hard work."