Yesterday, Congresswoman Carol Shea-Porter voted in favor of the Wall Street Reform and Consumer Protection Act. This legislation, which passed the House 237 to 192, will protect consumers by enacting common-sense measures that hold Wall Street accountable and will help prevent another economic collapse.
"People on Main Street are still suffering because Wall Street acted like a financial Wild West," said Congresswoman Shea-Porter. "This legislation will help protect consumers by reining in big Wall Street banks, creating a new consumer financial protection agency, and ending taxpayer-funded bailouts. These changes are long overdue."
The Wall Street Reform and Consumer Protection Act will:
* Create a new Consumer Financial Protection Agency that will ensure that bank loans, mortgages, and credit cards are fair, affordable, understandable, and transparent;
* End abusive predatory lending practices such as those that occurred during the subprime lending frenzy;
* Shut down "too big to fail" financial firms before their risky and irresponsible behavior threatens to bring down the entire economy;
* End costly taxpayer bailouts with new procedures to unwind the failing companies that pose the greatest risk -- paid for by the financial industry and not the taxpayers;
* Enhance oversight and transparency for credit-rating agencies;
* Rein in egregious executive compensation;
* Enact new protections for grocers, retailers, and other small businesses facing excessive swipe fees; and
* Audit the Federal Reserve's emergency lending programs used during the financial crisis and limit the Fed's emergency lending authority.
The Wall Street Reform and Consumer Protection Act has been endorsed by a wide-range of organizations including the AARP, the Consumer Federation of America, Consumers Union, the National Restaurant Association, the National Credit Union Association, and the Center for Responsible Lending.