Financial Reform Moves!
By Consumers Union on Friday, June 25th, 2010
The conference committee to reconcile the House and Senate versions of the financial reform bill has passed out of committee. While we are still pouring over the details consumers are now one step closer to having a regulatory system in place which protects them and the financial marketplace, despite nearly Goliath-like odds.
Most importantly is the creation of a Consumer Financial Protection Bureau that is independent and has real power to protect consumers and our economy from dangerous financial products. Another important provision will help reign in the lending industry by giving states more power to protect consumers. While consumer pressure closed many loopholes,we were not able to stop an exemption for auto-dealers despite an overwhelming response from activists across the country. But even here we were successful in tightening the rules that oversee the industry, so thank you! The Wall Street Journal is reporting on what else is in the final product.
Stay tuned and come back often to DefendYourDollars.org for more emerging details about the final bill.