July 21, 2011

One Year After Reform, Republicans want wall ST. back in charge

WASHINGTON, D.C. – One year after President Obama signed Wall Street reform into law, House Republicans continue their effort to dismantle critical consumer protections, Congressman André Carson said today.

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Consumer Financial Protection Bureau (CFPB), a new consumer watchdog housed in the Federal Reserve and devoted to protecting Americans from unfair and abusive financial practices. This independent bureau will provide clear and accurate information to families and small businesses to ensure that bank loans, mortgages, and credit cards are fair and affordable.

“This law set safety standards to prevent practices such as hidden credit card fees, deceptive ‘fine print,’ and other financial abuses that previously escaped scrutiny,” said Congressman Carson. “Despite these positive improvements, Republicans want to weaken, delay, and erode these protections.

“Too many families paid the price for mistakes made by an irresponsible and unregulated Wall Street. Americans deserve the protection that Dodd-Frank and the Consumer Financial Protection Bureau provides.”

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