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Wednesday, July 21, 2010
Top 10 Things You May Not Know About the Wall Street Reform and Consumer Protection Act
Earlier today, I joined President Obama as he signed the Wall Street Reform and Consumer Protection Act. This comprehensive Wall Street reform bill sets in motion the biggest changes in government financial oversight since the New Deal.
The crises of 2008 and 2009 made it clear that our nation's financial system had problems at its foundation. Big changes from the ground up were needed to protect American consumers from being caught up in the risky practices of Wall Street.
So we got to work. On the House Financial Services Committee and later the Conference Committee, I joined Chairman Barney Frank to craft a bill that would put the American economy on solid footing again.
It wasn't easy – the special interests didn't like the idea of being held accountable to top-notch regulators. But after months of discussion and debate, we passed a landmark bill that will protect consumers and increase regulation while ensuring that New York remains a leader in the financial services industry.
We still have a lot of work to do to get our economy back on track. But with this groundbreaking legislation in place, we can think less about fixing the past, and more about building the future.
Carolyn B. Maloney
P.S. Included below is a list from the White House with the Top 10 Things You May Not Know about the Wall Street Reform and Consumer Protection Act. Also, check out this short video on "What Wall Street Reform Means to You."
The Top 10 Things You May Not Know About the Wall Street Reform and Consumer Protection Act From WhiteHouse.gov
Stronger protections for consumers against unfair credit card practices like rate hikes for existing credit card balances.
Mortgage brokers will be prohibited from making higher commissions by selling mortgages they know consumers can't afford.
Free annual credit scores so people can stay on top of their finances.
No more taxpayer-funded bailouts. If a company can't make it, it will have to liquidate.
Greater input by company shareholders over how much a CEO gets paid. And companies' compensation boards are now required to be truly independent.
Brokers who offer investment advice will have to act in the best interests of their customers, not their own financial interests.
Financial firms won't be allowed to grow so large that if one fails, it will affect the entire financial system.
There will be one agency whose sole job is to make sure that consumers get the protections they deserve and to set clear rules to hold banks, mortgage companies, payday lenders, and credit card lenders accountable.
Businesses can't be charged extra fees for debit card "swipe fees" that exceed the cost of processing transactions.