July 15, 2010
Carson: Wall Street Reform Finally Ready President's Signature
WASHINGTON, D.C. - Congressman André Carson today hailed the passage of the conference report on the Dodd-Frank Wall Street Reform and Consumer Protection Act in the Senate. The House passed the conference report on June 30 by a vote of 237 to 192.
"Today's vote finally sends this historic reform to the President for his signature.
"Two years ago, our economy was brought to the brink of collapse because of misguided and destructive practices from the financial industry. Once signed into law, Wall Street Reform will work together to address the countless causes that led to the meltdown, as well as end taxpayer-funded bailouts and ‘too big to fail' financial institutions.
"For too long the previous administration failed to monitor the financial industry, looking the other way as average Americans lost their jobs and retirement savings as a result of Wall Street's recklessness and greed.
"Now consumers will be protected by an independent watchdog - housed in the Federal Reserve - with the authority to halt fraudulent financial products to ensure people get the clear and accurate information they need to make critical investment decisions.
"This is a historic moment for Americans as the balance of power will now shift away from Wall Street and back to Main Street."
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