Barbara Lee Joins President Obama for Signing of Bill to Rein In Wall Street, Protect Consumers

For Immediate Release
 

Contact: Nicole Y. Williams
(202) 225-2661

Washington, D.C. –   Today, Congresswoman Barbara Lee 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. 

“It is insensible that hard working families in my home state of California and across this country continue to fall victim to the recklessness and greed of Wall Street,” said Congresswoman Lee. “The same Wall Street that relied on tax-payer dollars to keep raking in the profits and shelling out billions in bonuses.”

“Today we showed the American people whose side we’re on by beginning to reverse the many years of irresponsible deregulation and failed economic policies of the previous administration.”

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.

 
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