Today, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law–common-sense rules to ensure Wall Street and big banks can't play Russian Roulette again with our futures. We know from experience they're not going to police themselves.
The new law:
Ends bailouts by ensuring taxpayers are never again on the hook for Wall Street's risky decisions
Protects families' retirement funds, college savings, homes and businesses' financial futures from unnecessary risk by CEOs, lenders, and speculators
Protects consumers from predatory lending abuses, fine print, and industry gimmicks
Injects transparency and accountability into a financial system run amok
Empowers consumers to make the best decisions on homes, credit cards, and their own financial future with a consumer financial protection agency
What this means for you:
With the President's signature today, our nation is taking a step forward for middle-class consumers and working families. The Dodd-Frank Wall Street Reform and Consumer Protection Act enacts the toughest set of Wall Street reforms in generations — and the strongest consumer protections in history. It brings transparency and accountability to the financial system, and makes common-sense reforms to the way Wall Street does business.
With this law in place, the homes, retirements, and college savings of Main Street consumers will come first. With these historic changes, we will help ensure that a future crisis does not compromise the financial security of hard-working Americans.
While Democrats fought to protect our middle class, Congressional Republicans stood up for the special interests. The House Republican leader called for a repeal of vital consumer protections. And Republicans have pledged to restore the 'exact same' failed Bush agenda that protected Big Banks at the expense of America's families.
Democrats will not let that happen. We will not go back to the failed Bush economic policies. And I want to commend Chairmen Barney Frank and Chris Dodd, and the members of the conference committee, for putting consumers' interests ahead of special interests and working to build a more accountable financial system for the American people.