(Washington, D.C.) – Today, U.S. Senator Patty Murray
(D-WA) issued the following statement following Senate passage of the Restoring
American Financial Stability Act of 2010, a
bill to protect consumers and end taxpayer bailouts once and for all. The bill
passed the Senate by a vote of 59-39.
“This bill provides Washington families with the strongest consumer protections in our
history. It finally adjusts the playing field to put families and their
finances before big banks, credit card companies and mortgage lenders. And it
guarantees that Washington taxpayers will never be on the hook to bail out Wall
Street again.
“I have heard from so many people across our state
whose stories demonstrate the need for us to act. Families facing foreclosure
due to mortgage fraud, seniors who have lost their retirement savings, small businesses that can’t hire because they
can’t borrow, and those who have lost everything due to Wall Street’s ‘anything
goes’ rules. These families deserve not only accountability, they deserve
protection. Standing by and doing nothing is not an option.
“This bill encourages individuals to take
responsibility for their own finances and it protects them from rip-offs and
unfair fees. And it says once and for all that if Wall Street falters, Wall
Street is responsible for cleaning up the mess.
“This is about fundamental fairness. It’s a about
whether when you walk into a bank to sign up for a mortgage, or apply for a
credit card, or start a retirement plan – are the rules on your side, or are they with the big banks on Wall Street?
For far too long the financial rules of the road have favored Wall Street.
Today we have turned the tide.”
The Wall Street Reform bill passed today includes
the strongest consumer protections ever provided for Washington state families
including:
- A guarantee that Washington state taxpayers will
never be responsible for baling out Wall Street again. - A brand new Consumer Financial Protection Bureau
to help expose big bank rip-offs, end unfair fees, curb out-of-control credit
card and mortgage rates, and be a new “cop on the beat” to safeguard consumers. - Strong new regulations of Wall Street’s dark
markets that were utilized to gamble with the savings of Washington families. - Enhanced authority for bank regulators to improve transparency and oversight of banks.
- Protections for small businesses from unfair
transaction fees imposed by credit card companies. - A new consumer advocate focused on protecting
service members and their families who are too often the target of predatory
lending. - New accountability and transparency for the
Federal Reserve. - Limitations on excessive compensation for Wall
Street executives. - Tools to help promote financial literacy to
ensure that families take personal responsibility for their finances. - Restrictions on banks to keep them from making
risky loans that endanger the financial system. - Tough new rules to prevent banks from engaging
in risky proprietary trading (The Volker Rule).
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