Today, Congresswoman Yvette D. Clarke applauded President Barack Obama for signing the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The new law will create common sense regulations for financial institutions, end taxpayer bailouts of big banks, and create a consumer financial protection bureau that finally puts consumers first. This law will end some of the abuses and practices that imperiled the financial system and weakened the economy.

“Working families in New York and across the country have lost their homes, their jobs, and their retirement savings as a result of practices which this law addresses,” said Congresswoman Clarke. “Republicans and the Bush Administration looked the other way as some risky financial institutions operated with minimal oversight. Now, Democrats have restored common sense to the regulatory environment and empowered consumers across the nation.”

The Wall Street Reform and Consumer Protection Act will:

•help prevent the risky financial practices that led to the financial meltdown;
•create a process to shut down large, failing firms whose collapse would put the entire economy at risk;
•create the Consumer Financial Protection Bureau (CFPB), a new consumer watchdog devoted to protecting Americans from unfair and abusive financial practices; and
•protect the economy by bringing previously unregulated firms and financial products into the light via modern and diligent regulation.

“Today marks a new era in financial regulation in this country and I am confident the economy and the American people will benefit from this new law. I want to applaud the Democratic Congress in making financial regulatory reform a major priority and thank President Barack Obama for signing this legislation into law,” concluded Rep. Clarke.

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