President Obama Signs Bill to Rein in Wall Street, Protect Consumers

Press Release

Today, Rep. Watson joined President Obama as he signed historic legislation to change the way business is done by Wall Street and the big banks. The Wall Street Reform and Consumer Protection Act is the most sweeping piece of Wall Street reform legislation in decades. This landmark reform will end the era of abuses by "too big to fail" banks that have cost the American people 8 million jobs and $17 trillion in retirement savings and net worth, and create a consumer financial protection bureau that finally puts American consumers first.

"Republicans and the Bush Administration looked the other way as Wall Street and big banks exploited loopholes and gambled with our money -- costing working families in California and across the country their homes, their jobs, and their savings," said Rep. Watson. "These behaviors stop now. This new law will hold Wall Street and big banks accountable and end taxpayer bailouts once and for all."

The Wall Street Reform and Consumer Protection Act will help prevent the risky practices that led to the financial meltdown and stop large financial firms from gambling with Americans' retirement and college savings and home values. It ends "too big to fail" financial firms before risky and irresponsible behavior threatens to bring down the entire economy.

The new law also will create the Consumer Financial Protection Bureau (CFPB) to protect Americans from unfair and abusive financial practices. Just like the FDA does for medical safety, the CFPB will set safety standards to prevent hidden credit card fees, deceptive "fine print," and other financial abuses that have escaped oversight until now.

"This new law is about whose side you're on," said Rep. Watson. "I'm on the side of working families -- protecting consumers from fraud and providing Californians with financial security. In voting against the bill and already advocating its repeal, Washington Republicans have shown they are on the side of big banks and Wall Street and letting America's families and small businesses pay the price for Wall Street's recklessness. After years of failed policies, we can't go back."

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