This week, the House will consider the Wall Street Reform and Consumer Protection Act, legislation to protect American consumers and prevent the irresponsible behaviors and practices that contributed to the financial crisis last Fall. This legislation restores responsibility and accountability to Wall Street through tough rules and regulation of risky practices; it protects consumers on Main Street by ensuring that bank loans, mortgages, and credit cards are fair and transparent; and it ensures that taxpayers will never have to bail out Wall Street banks by putting an end to “too big to fail” financial firms.
The Wall Street Reform & Consumer Protection Act
1) Ensures that the credit cards you use and the mortgage you sign are fair, transparent, and understandable by creating a Consumer Financial Protection Agency. Your finances should not be put at risk due to fine print that hides fees and other things you should be aware of.
2) Helps protect your 401(k) and pension by stopping institutions from taking risks that threaten the financial system and can cause a crash like the one that happened last Fall.
3) Helps ensure that taxpayers will never again need to bail out Wall Street banks by putting an end to “too big to fail” firms and preventing their risky behavior from threatening to bring down the entire economy.
4) Ends predatory lending practices so that lenders can’t put you or your neighbor into an unaffordable or difficult to understand loan.
5) Makes sure that Wall Street banks have to play by the same rules when they provide the same thing, like a home mortgage loan. This will ensure that you can have faith that wherever you go, you can expect a minimum level of fairness.
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