Rep. Johnson: President Obama signs bill to rein in Wall Street, protect consumers

WASHINGTON, D.C. – Today, Rep. Hank Johnson (GA-04) applauded as President Obama signed historic legislation to change the way Wall Street and the big banks conduct business.

One of the most sweeping pieces of financial reform legislation in decades, The Wall Street Reform and Consumer Protection Act ends the era of abuses by big banks that have cost the American people 8 million jobs and $17 trillion in retirement savings and net worth.

It also creates a consumer financial protection bureau that puts American consumers first.

“Republicans and the Bush Administration looked the other way as Wall Street and big banks exploited loopholes and gambled with our money – costing working families in Georgia and across the country their homes, their jobs and their savings,” said Rep. Johnson. “These abuses stop now. This new law will hold Wall Street and big banks accountable and end taxpayer bailouts once and for all.”

The Wall Street Reform and Consumer Protection Act will help prevent the risky practices that led to the financial meltdown and stop large financial firms from gambling with Americans’ retirement, college savings and home values. It ends “too big to fail” financial firms before risky and irresponsible behavior threatens to bring down the entire economy.

The new law also will create the Consumer Financial Protection Bureau (CFPB) to protect Americans from unfair and abusive financial practices. Just like the FDA does for food safety, the CFPB will set safety standards to prevent hidden credit card fees, deceptive “fine print,” and other financial abuses that have escaped oversight.

“This new law is about whose side you’re on,” said Rep. Johnson. “I’m on the side of working families – protecting consumers from fraud and providing Georgians with financial security. In voting against the bill and already advocating its repeal, Washington Republicans have shown they are on the side of big banks and Wall Street and letting America’s families and small businesses pay the price for Wall Street’s recklessness. After years of failed trickle-down policies, we can’t go back.”

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