Years of deregulation and lax oversight of unscrupulous Wall Street banks cost us 8 million jobs during the current Great Recession. The new Wall Street Reform and Consumer Protection law, passed by the Democratic-led Congress and signed by President Obama on July 21, 2010 will:
Protect families’ retirement funds, college savings, homes and businesses’ financial futures from unnecessary risk taken by CEOs, lenders, and speculators
Put a stop to predatory lending abuses and industry gimmicks hidden in fine print
Inject transparency and accountability into a financial system run amok
Watch a short video synopsis of what Wall Street Reform means for you (courtesy of the White House):
Watch Rep. Becerra discuss the Consumer Protection Bureau, a key provision of the new law:
The central mission of the new Consumer Financial Protection Bureau (CFPB), established by the Wall Street Reform law, is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.