Rep. Johnson votes to hold big banks, Wall Street accountable

June 30, 2010
Press Release

 ‘Consumer Protection Agency’ to protect families, small businesses:

 WASHINGTON, D.C. – Rep. Hank Johnson today voted to protect consumers by reining in Wall Street and big banks that under President George W. Bush ran amok with no accountability and cost the nation 8 million jobs.

The Dodd-Frank Wall Street Reform and Consumer Protection Act creates a new Consumer Financial Protection Agency to protect families and small businesses by ensuring that bank loans, mortgages and credit cards are fair, affordable, understandable and transparent.

“Wall Street reform is an important step in our path to recovery,” said Johnson.

“This legislation creates a new Consumer Financial Protection Agency, empowers oversight bodies like the Securities and Exchange Commission and helps to dismantle 'too big to fail' firms. 

In short, Wall Street reform prevents the irresponsible behaviors and practices that led to the financial crisis in the first place.”

As Chairman of the Judiciary Subcommittee on Courts and Competition Policy, Rep. Johnson investigated the role large financial institutions played in the Great Recession.

Recommendations from the subcommittee led legislators to include in the bill amendments that will end predatory lending and shut down “too big to fail” financial firms before risky and irresponsible behavior threatens to bring down the economy.
 
“I must however add that I am disappointed the burden is being shifted from hedge fund managers to regular commercial and community banks due to the actions of one senator. Rather than tax the big banks and hedge funds that caused this problem to begin with, Senate Republicans are using TARP money that was supposed to go towards paying down the deficit. Those billions of dollars that would have helped pay down the deficit will now have to come from the American people.”

“This bill is not perfect but it does send us in a new direction that will benefit our economy and provides the framework for future improvements.”

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