House Votes on Historic Wall Street Reforms

MASSPIRG urges our congressional delegation to oppose amendments that weaken reforms and support amendments to strengthen it

MASSPIRG

Boston, MA – MASSPIRG urged all members of the House of Representatives to oppose bank-backed efforts that would gut the Consumer Financial Protection Agency, the centerpiece of Wall Street reform efforts proposed by Congressman Barney Frank, which are expected for a vote on the House Floor tomorrow. 

“We are slowly emerging from the worst financial crisis since 1929.  Congress should take this opportunity to strengthen the law that protects American Families,” said Lizzi Weyant, staff attorney at MASSPIRG. 

The MASSPIRG-backed Consumer Financial Protection Agency (CFPA) is part of HR 4173, a package of Wall Street reforms on the floor of the House this week.  The creation of the new protection agency is threatened by the introduction of an amendment by Congressman Walt Minnick of Idaho.  “The Minnick amendment will weaken the protections afforded to the American public.  The creation of that agency is aimed at ensuring that millions of American families never face the kinds of unscrupulous financial practices we have seen in recent months,” said Weyant.

MASSPIRG urged the commonwealth’s congressional delegation to support amendments that would strengthen protections afforded to consumers, and to oppose those amendments that would weaken those protections.

“This is the chance for our Congressional delegation to show that they take Wall Street reform seriously.  We strongly urge them to vote in favor of these important consumer protections,” concluded Weyant.