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Today the Senate passed the Wall Street Reform and Consumer Protection Act by a count of 60 to 39. The bill is a response to the worst financial crisis since the Great Depression. It reins in Wall Street, and goes a long way towards protecting consumers, investors, and taxpayers from further financial meltdowns.
“MASSPIRG applauds Senators Brown and Kerry for standing up for Main Street in the face of 2,000 Wall Street lobbyists who spent over a million dollars a day to weaken reforms,” said Lizzi Weyant, staff attorney of MASSPIRG.
“Thanks to both Bay State Senators, Americans will now be able to count on the new Consumer Financial Protection Bureau, which will protect investors and homeowners, toughen regulations of financial institutions, and set up procedures to shut down big banks instead of bailing them out at the taxpayers’ expense,” added Weyant.
The Consumer Financial Protection Bureau is the biggest consumer protection bill since the creation of deposit insurance after the 1929 crash. The legislation also eliminated conflicts of interest between banks and taxpayers, and requires increased transparency in the multi-trillion dollar derivatives market.
Senator Brown was one of three Republicans to vote for the bill.
“Our newest Senator rose above Washington’s partisan divide and stands with American consumers in making possible an open and more secure financial future for all Americans” said Weyant. “The Wall Street Reform and Consumer Protection Act will help consumers and the economy recover from the financial meltdown that cost millions of jobs and trillions of dollars in home and retirement fund value,” concluded Weyant.
MASSPIRG looks forward to working with the President and Congress to implement financial reforms and to continue to seek additional protections for consumers, taxpayers, and investors.
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