Congresswoman Shelley Berkley today applauded Senate approval of a final package of reforms that will crack down on reckless Wall Street practices and protect consumers in Nevada and nationwide. The approval of the conference report clears the way for President Obama to sign The Wall Street Reform and Consumer Protection Act (H.R. 4173) into law.
"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. Now it's time for the President to swiftly enact these common-sense rules that will police Wall Street and the big banks and prevent them from again placing the savings of Nevada families at risk through reckless investment strategies, including predatory lending," said Berkley, who voted repeatedly in the House for Wall Street reform.
The bill creates the Consumer Financial Protection Bureau -- a new consumer watchdog devoted to protecting Americans from unfair and abusive financial practices -- and establishes a process to shut down firms that are failing before their collapse can put the economy at risk.
"Our legislation creates a consumer protection agency with real teeth and includes other reforms that will hold Wall Street and the big banks accountable, end future bailouts and create true transparency," said Berkley. "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. Making these reforms the law of the land now will stop financial firms that are 'too big to fail' before they can threaten America's economic future and stability once again."
The Wall Street Reform and Consumer Protection Act will stop large financial firms from risking retirement and college savings, while also helping prevent the type of 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.
The legislation has the endorsement of the AARP, Consumer Federation of America, Consumers Union, Council of Institutional Investors, National Fair Housing Alliance, National Restaurant Association and SEIU, among other organizations.