Politics

House Passes the Toughest Set of Wall Street Reform in Generations

By Karina

Tonight, the House passed the conference report of the Dodd-Frank Wall Street Reform and Consumer Protection Act by a vote of 237-192. These common-sense reforms hold Wall Street and the Big Banks accountable by:

Ending bailouts by ensuring taxpayers are never again on the hook for Wall Street?s risky decisions

Protecting families? retirement funds, college savings, homes and businesses? financial futures from unnecessary risk by CEOs, lenders, and speculators

Protecting consumers from predatory lending abuses, fine print, and industry gimmicks

Injecting transparency and accountability into a financial system run amok

Empowering consumers to make the best decisions on homes, credit cards, and their own financial future with a consumer financial protection agency

The legislation now goes to the Senate, which is expected to approve it soon and send it to President Obama for his signature into law.

Speaker Pelosi in support:

Transcript: (more…)

Full post as published by The Gavel on June 30, 2010 (boomark / email).