Wall Street Reform and Consumer Protection Act

December 9, 2009

Today, the House will consider three hours of general debate on H.R. 4173, Wall Street Reform and Consumer Protection Act.
 
The bill's common-sense reforms, holding Wall Street and the big banks accountable, will:

• End bailouts by helping ensure taxpayers are never again on the hook for Wall Street's risky behavior and bad bets
• Protect families' retirement funds, college savings, and homes and businesses' financial futures from unnecessary risk by Wall Street lenders and speculators and high-paid corporate executives
• Protect consumers from predatory lending abuses, fine print, and industry gimmicks
• Finally bring transparency and accountability to a financial system that has run amok

Yesterday, the Administration put out a Statement of Administration Policy that says in part:  "The Administration strongly supports House passage of H.R. 4173.  The President has called on the Congress to enact far-reaching financial reform legislation to overhaul the nation's financial system in the wake of the financial collapse last year, setting forth clear objectives and principles that were endorsed by Congressional leaders.
 
Financial reform is critical:  to put in place rules that will allow the nation's markets to promote innovation while discouraging abuse; to create a framework in which markets can function freely and fairly, without the fragility in which normal business cycles bring the risk of financial collapse; and to provide a system that works for businesses and consumers."