Historic Legislation Will Protect Main Street From Big Bank Abuses
Washington, DC – Michael Bennet, U.S. Senator for Colorado, today joined President Obama at a bill signing ceremony for 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. The Wall Street Reform and Consumer Protection Law of 2010 is the strongest reform of Wall Street since the 1930s.
“This bill protects Colorado taxpayers from having to rescue the big banks that took sloppy and excessive risks that nearly wrecked our economy,” Bennet said. “Although it took much longer than it should have due to partisan politics, Wall Street reform will finally bring an end to taxpayer-funded bailouts, bring more transparency and accountability to Wall Street and protect and empower Colorado consumers.”
The Wall Street Reform and Consumer Protection Law 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 Pay It Back Plan is a great addition to the Wall Street reform bill,” said Bennet. “Taxpayers who were forced to bring the big Wall Street banks back from the brink of collapse are now assured that they aren’t stuck supporting a revolving bailout fund. TARP will come to an end.”