Sunday, December 13, 2009

Financial Reform Bill

On Friday, December 11, the House passed the Wall Street Reform and Consumer Protection Act (HR 4173), a bill to overhaul and reform financial regulations.

A short summary of the bill's provisions can be read at the Reuters Factbox.

For eight years, President Bush and his Republican allies ignored growing risks in the financial markets as Wall Street and big banks exploited loopholes and harmed America’s families and small businesses. Their failure to regulate financial markets and control these risks left Wall Street and the big banks to gamble with our money, which compromised our future, our savings, and the American Dream. We know what happened: the worst financial crisis since the Great Depression. Wall Street reform is the next critical step to create jobs and grow the economy. As we rebuild our economy, we must put in place common-sense rules to ensure big banks and Wall Street can't jeopardize our recovery and hurt hard-working families and small businesses once again. Wall Street may be bouncing back, but we know from experience that left to their own devices they’re not going to police themselves.

On December 11th, the House passed the Wall Street Reform and Consumer Protection Act (HR 4173) by a vote of 223-202. This comprehensive financial regulation reform bill will enact common-sense reforms including ending bailouts by helping ensure taxpayers are never again on the hook for Wall Street’s risky behavior and bad bets; protecting families’ retirement funds, college savings, and homes and businesses’ financial futures from unnecessary risk by Wall Street lenders and speculators and high-paid corporate executives; protecting consumers from predatory lending abuses, fine print, and industry gimmicks; and finally bringing transparency and accountability to a financial system that has run amok.

More information:

Bill Summary

Bill Highlights

Full bill text

Summary of Title I - Financial Stability Improvement Act

Summary of Title II—Corporate and Financial Institution Compensation Fairness Act

Summary of Title III—Over-the-Counter Derivatives Markets Act

Summary of Title IV—Consumer Financial Protection Agency Act

Summary of Title V—Capital Markets

Summary of Title VI—Federal Insurance Office

Myths vs. Facts

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