#13: Carolyn Helps Craft Landmark Wall Street Reform
There are 13 days to go until Primary Day and here’s #13. On Day 2 of “14 for 14,” Team Maloney would like to highlight Carolyn’s work in crafting the Financial Regulatory Reform Bill—which President Obama signed into law earlier this summer, ushering in the most sweeping changes in government financial oversight since the Great Depression.
As a member of the House Financial Services Committee and later on the Conference Committee, Carolyn helped negotiate the most important overhaul of our country’s financial system in generations.
The Dodd-Frank Wall Street Reform and Consumer Protection Act is putting an end to Wall Street’s most reckless practices and protecting taxpayers and consumers.
It establishes a new Consumer Financial Protection Bureau-- whose sole mission is to protect the consumer. Before, there were seven different agencies watching over the financial industry. Now, with one organization, oversight will be tougher and easier to maintain.
This new agency will help enforce the new credit card reforms Carolyn authored. It means clearer language on overdraft fees, student loans and credit cards. And it will make sure the banks follow the new rules enshrined in this groundbreaking legislation.
The Great Recession has taught us that we need smarter regulation to prevent reckless behavior. There's something profoundly wrong when millions of Americans are squeezed, credit for small businesses dries up, retirement plans are decimated and dreams deferred because of the reckless practices of one sector of our economy.
This bill will help change that. Not only is it bringing more accountability to Wall Street, it’s providing more protection for the American consumer, and that stability will be critical to our growth in the future. That’s why Carolyn worked hard on our behalf to pass this bill.
