Bennet Calls for Passage of Legislation to Crack Down on Big Bank Abuses
Washington, DC – Michael Bennet, U.S. Senator for Colorado, today urged the Senate to pass historic legislation that lays out new rules for Wall Street, cracks down on big bank abuses, improves accountability and transparency in the financial sector, ends taxpayer-funded bailouts and protects consumers.
“It’s long past time that we create new, common-sense rules of the road for the same Wall Street banks that gouged consumers and gambled our economy into the worst recession since the Great Depression,” said Bennet. “We have been working on this legislation for months, and we need to pass it now. This bill is the strongest reform of Wall Street since the 1930s. It will end taxpayer-funded bailouts, bring more transparency and accountability to Wall Street and protect and empower Colorado consumers.”
The Wall Street Reform and Consumer Protection Act conference report includes key language from the bipartisan Pay It Back Amendment, authored by Bennet to end the TARP bailout. It also includes Bennet-backed amendments that strengthen consumer protections in the bill. One amendment clarifies that a broker’s disclosures must contain clear and understandable information on investment objectives, fees and risks to individuals either purchasing mutual funds or rolling over their 401(k)s. Two other amendments strengthen the oversight over credit rating agencies that have struggled with conflicts of interest and lackluster performance throughout the recent financial crisis.
The conference report, which has been passed by the House, must be approved by both chambers of Congress and sent to the President’s desk for signature into law.