Nye Votes to End TARP and Protect Consumers

Press Release

Congressman Glenn Nye (VA-02) voted today in support of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill will help provide consumers with financial protection and stability by putting an end to Wall Street abuses.

The legislation puts an immediate end to the Troubled Asset Relief Program (TARP), and prevents any future taxpayer-funded bailouts for big banks. The bill instead creates a process to shut down large, failing banks whose collapse would endanger the broader economy.

"I voted against TARP twice," Nye stated. "The American people should not be asked to foot the bill for Wall Street's mistakes. I'm pleased this legislation puts an end to this programonce and for all."

In addition to ending TARP, the bill places necessary oversight on risky financial practices, and shores up banks' safety and soundness by filling in the gaps in the regulatory process. It also creates the tools necessary to protect consumers from unfair and abusive financial practices.

"This legislation is a direct response to the meltdown of our financial industry, and ensures that it won't happen again," Nye said. "By putting in place some simple, straight-forward rules, we can help protect consumers and ultimately stabilize our economy."

Source