Barbara Lee Votes to Rein In Wall Street

For Immediate Release
June 30, 2010

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

Washington, D.C. – Today, Congresswoman Barbara Lee (D-CA) voted to rein in Wall Street, end taxpayer bailouts of big banks, and create a consumer financial protection bureau that finally puts consumers first.  The Dodd-Frank Wall Street Reform and Consumer Protection Act 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.

“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.”

“It is time that we start reinvesting our resources in the people of this country to provide pathways out of poverty and get people back to work. It is time we stood up on behalf of the consumer. This legislation will protect consumers from fraud and provide Californians with financial security. It is definitely a step in the right direction.”

The Wall Street Reform and Consumer Protection Act will help prevent the risky financial practices that led to the financial meltdown and stop large financial firms from gambling with Americans’ retirement and college savings and home values. In addition, taxpayers will no longer pay the price for Wall Street’s irresponsibility.  The bill creates a process to shut down large, failing firms whose collapse would put the entire economy at risk.  After exhausting all of the company’s assets, additional costs would be covered by a “dissolution fund,” to which all large financial firms would contribute.