Today, Paul Hodes stood with middle class New Hampshire families to protect the Granite State's economy from the Wall Street greed that created the worst recession since the Great Depression. Wall Street reform will rein in excessive bonuses, create a new independent watchdog to protect middle class consumers from dangerous Wall Street risk taking, and end taxpayer funded bailouts. The Wall Street Reform and Consumer Protection Act will now go to the Senate where it awaits final passage.
"For too long, politicians in Washington have allowed the greed of Wall Street banks to wreak havoc on the small businesses and middle class families that make up New Hampshire's economy," said Hodes. "Today, Granite Staters took a stand against the dangerous financial products, fraud, and bailouts which have left our middle class families and economy in a tailspin."
The Wall Street Reform and Consumer Protection Act contains key provisions authored by Hodes, including a permanent ban on taxpayer funded bailouts of Wall Street banks and strong new protections against financial fraud targeted at senior citizens.
In all, Wall Street reform will:
· Prevent taxpayer funded bailouts by holding Wall Street accountable for its own mistakes.
· End the abusive predatory lending that fueled New Hampshire's housing crisis.
· Allow shareholders to have a say in the bonuses and golden parachutes given to Wall Street executives.
· And, establish a watchdog to protect consumers from misleading credit cards and abusive and predatory loans.